GLPI finds buyers again around 38.22
Gaming and Leisure Properties Inc. (GLPI) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
GLPI finished Wednesday at 38.51 losing $0.17 (-0.44%) on high volume, but still slightly outperforming the S&P 500 (-0.46%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (GLPI as at Sep 16, 2020):
Wednesday's trading range has been $0.85 (2.18%), that's below the last trading month's daily average range of $1.06. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for GLPI.
One bearish candlestick pattern matches today's price action, the Black Candle.
Prices are trading close to the key technical support level at 37.99 (S1). After having been unable to move lower than 38.37 in the prior session, the market found buyers again around the same price level today at 38.22. The last time this happened on August 28th, GLPI actually lost -3.04% on the following trading day.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 37.50.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 39.65 where further buy stops might get activated. Further buying could move prices higher should the market test August's close-by high at 40.05.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Gaming and Leisure. Out of 534 times, GLPI closed higher 54.68% 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 54.31% with an average market move of 0.45%.