FWONK closes higher for the 3rd day in a row
Liberty Media Corporation Series C (FWONK) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, FWONK finished Thursday at 27.01 gaining $1.76 (6.97%), outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 26.92, the stock confirmed its breakout through the prior session high after trading up to $0.88 above it intraday.
Daily Candlestick Chart (FWONK as at Mar 26, 2020):
Thursday's trading range has been $2.16 (8.24%), that's below the last trading month's daily average range of $3.11. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FWONK.
While Liberty Media is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Liberty Media. Out of 94 times, FWONK closed higher 54.26% 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 56.38% with an average market move of 0.33%.