GPOR closes within previous day's range after lackluster session
Gulfport Energy Corporation (GPOR) Technical Analysis Report for Jul 07, 2020 | by Techniquant Editorial Team
GPOR finished Tuesday at 1.20 losing $0.04 (-3.23%), strongly underperforming the S&P 500 (-1.08%). 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 (GPOR as at Jul 07, 2020):
Tuesday's trading range has been $0.09 (7.2%), that's far below the last trading month's daily average range of $0.19. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for GPOR. Prices continued to consolidate within a tight trading range between 1.13 and 1.26 where it has been caught now for the last three trading days.
Regardless of a strong opening the share closed below the previous day's open and close, forming a bearish Engulfing Candle. Additionally, three candlestick patterns are matching today's price action, the Tweezer Top which is known as bullish pattern and two bearish patterns, the Bearish Short Candle and the Black Candle.
Gulfport Energy was sold again around 1.26 after having seen highs at 1.26, 1.25 and 1.24 in the last three trading sessions. Obviously there is something going on at that level. The last time this happened on March 25th, GPOR lost -9.38% on the following trading day.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Its common bearish interpretation has been confirmed for Gulfport Energy. Out of 84 times, GPOR closed lower 64.29% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after two trading days, showing a win rate of 57.14% with an average market move of -0.64%.