I closes higher for the 2nd day in a row
Intelsat S.A. (I) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, I ended Wednesday at 1.39 surging $0.37 (36.27%) on high volume, significantly outperforming the S&P 500 (-0.46%). Today's close at 1.39 marks the highest recorded closing price since April 13th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 1.04, the market confirmed its breakout through the previous session high after trading up to $0.44 above it intraday.
Daily Candlestick Chart (I as at Sep 16, 2020):
Wednesday's trading range has been $0.46 (45.1%), that's far above the last trading month's daily average range of $0.07. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for I.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
After having been unable to move lower than 1.02 in the prior session, the stock found buyers again around the same price level today at 1.02. The last time this happened on Monday, I gained 61.90% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 0.66.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for Intelsat S. A.. Out of 184 times, I closed higher 57.61% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 51.09% with an average market move of 3.47%.