GLIBA breaks above 200-day moving average for the first time since March 6th
GCI Liberty Inc. Class A Common Stock (GLIBA) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, GLIBA finished the week 6.66% higher at 65.83 after gaining $0.67 (1.03%) today, outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Today's close at 65.83 marks the highest recorded closing price since March 6th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (GLIBA as at May 22, 2020):
Friday's trading range has been $1.35 (2.07%), that's below the last trading month's daily average range of $1.73. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for GLIBA.
GCI Liberty managed to close above the 200-day moving average at 65.70 for the first time since March 6th. When this moving average was crossed above the last time on January 31, 2019, GLIBA gained 3.89% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 62.82.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Its common bullish interpretation has been confirmed for GCI Liberty. Out of 18 times, GLIBA closed higher 61.11% 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 eight trading days, showing a win rate of 61.11% with an average market move of 0.30%.