KERN closes within prior day's range
Akerna Corp. (KERN) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team
KERN finished the week 32.75% higher at 5.35 after losing $0.62 (-10.39%) today, strongly underperforming the S&P 500 (-3.37%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (KERN as at Mar 27, 2020):
Friday's trading range has been $0.66 (11.74%), that's slightly below the last trading month's daily average range of $0.84. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for KERN.
After moving higher in the previous session, Akerna closed lower but above the prior day's open today, forming a bearish Harami Candle.
The stock closed back below the 20-day moving average at 5.46. When this moving average was crossed below the last time on March 5th, KERN lost -7.25% on the following trading day.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Harami Candle" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Akerna. Out of 2 times, KERN closed higher 100.00% 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 eight trading days, showing a win rate of 50.00% with an average market move of -4.33%.