GSKY misses to close above 200-day moving average
GreenSky Inc. (GSKY) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
GSKY ended the week 0.11% higher at 8.98 after gaining $0.04 (0.45%) today, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (GSKY as at Feb 14, 2020):
Friday's trading range has been $0.30 (3.34%), that's below the last trading month's daily average range of $0.44. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for GSKY. Prices continued to consolidate within a tight trading range between 8.60 and 9.20 where it has been caught now for the whole last trading week.
Three candlestick patterns are matching today's price action, the Bearish Hikkake Pattern and the Gravestone Doji which are both known as bearish patterns and one neutral pattern, the Doji.
After spiking up to 9.18 during the day, GreenSky found resistance at the 200-day moving average at 9.16. After having been unable to move lower than 8.83 in the previous session, the share found buyers again around the same price level today at 8.88. The last time this happened on January 31st, GSKY gained 3.57% on the following trading day.
While the market is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Buying might accelerate should prices move above the nearby swing high at 9.20 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 8.60 where further sell stops could get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 200" stand out. Its common bearish interpretation has been confirmed for GreenSky. Out of 2 times, GSKY closed lower 100.00% of the time on the next trading day after the market condition occurred.