GSKY finds buyers around 4.71 for the third day in a row
GreenSky Inc. (GSKY) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
GSKY finished the month 21.89% higher at 4.90 after edging higher $0.10 (2.08%) today, outperforming the S&P 500 (1.54%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (GSKY as at Jun 30, 2020):
Tuesday's trading range has been $0.25 (5.22%), that's far below the last trading month's daily average range of $0.46. 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 GSKY.
Prices are trading close to the key technical support level at 4.58 (S1). Prices are trading close to the key technical resistance level at 4.97 (R1). The market found buyers again today around 4.71 for the third trading day in a row after having found demand at 4.75 in the prior session and at 4.78 two days ago. The last time this happened on June 18th, GSKY gained 1.13% on the following trading day.
GreenSky shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous two Lows" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for GreenSky. Out of 30 times, GSKY closed lower 53.33% 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 53.33% with an average market move of -0.30%.