GSKY pushes through Wednesday's high
GreenSky Inc. (GSKY) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
GSKY finished Thursday at 4.36 gaining $0.28 (6.86%), outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 4.30, GreenSky confirmed its breakout through the previous session high after trading up to $0.15 above it intraday.
Daily Candlestick Chart (GSKY as at Mar 26, 2020):
Thursday's trading range has been $0.39 (9.44%), that's below the last trading month's daily average range of $0.67. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for GSKY.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on October 2, 2019, GSKY actually lost -1.80% on the following trading day.
Prices are trading close to the key technical resistance level at 4.62 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for GreenSky. Out of 12 times, GSKY closed lower 66.67% 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 10 trading days, showing a win rate of 50.00% with an average market move of -3.91%.