I finds buyers again around 1.91
Intelsat S.A. (I) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
I ended Thursday at 1.92 flat, significantly underperforming the S&P 500 (6.24%). 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 (I as at Mar 26, 2020):
Thursday's trading range has been $0.13 (6.5%), that's far below the last trading month's daily average range of $0.40. 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 I.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, three candlestick patterns are matching today's price action, the Homing Pigeon which is known as bullish pattern and two bearish patterns, the Bearish Short Candle and the Black Candle. The last time a Bearish Short Candle showed up on March 11th, I lost -16.23% on the following trading day.
After having been unable to move lower than 1.90 in the prior session, Intelsat S. A. found buyers again around the same price level today at 1.91.
Although the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Buying might speed up should prices move above the nearby swing high at 2.32 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 1.90 where further sell stops could get triggered.
Among the seven 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 Intelsat S. A.. Out of 33 times, I closed lower 60.61% 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 54.55% with an average market move of -1.75%.