FANG surges 7.9% closing $2.41 higher
Diamondback Energy Inc. (FANG) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
FANG finished Wednesday at 32.91 surging $2.41 (7.9%), notably outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over a month. Closing above Tuesday's high at 31.72, Diamondback Energy confirmed its breakout through the prior session high after trading up to $2.15 above it intraday.
Daily Candlestick Chart (FANG as at Sep 16, 2020):
Wednesday's trading range has been $3.27 (10.59%), that's far above the last trading month's daily average range of $1.65. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FANG.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on August 14th, FANG actually lost -0.94% on the following trading day.
After having been unable to move lower than 30.36 in the previous session, the stock found buyers again around the same price level today at 30.60.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Up Move" stand out. Its common bullish interpretation has been confirmed for Diamondback Energy. Out of 151 times, FANG closed higher 56.29% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 59.60% with an average market move of 1.04%.