LBTYA closes lower for the 4th day in a row
Liberty Global plc Class A Ordinary Shares (LBTYA) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, LBTYA ended the week -4.58% lower at 20.83 after losing $0.06 (-0.29%) today, underperforming the Nasdaq 100 (0.38%) ahead of tomorrow's Memorial Day market holiday. Today's close at 20.83 marks the lowest recorded closing price since April 30th. 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 (LBTYA as at May 22, 2020):
Friday's trading range has been $0.33 (1.58%), that's below the last trading month's daily average range of $0.94. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LBTYA.
Prices are trading close to the key technical resistance level at 21.27 (R1). The share found buyers again today around 20.69 for the third trading day in a row after having found demand at 20.78 in the prior session and at 20.78 two days ago. The last time this happened on May 14th, LBTYA gained 0.32% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the three 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. Its common bullish interpretation has been confirmed for Liberty Global. Out of 152 times, LBTYA closed higher 57.89% 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 54.61% with an average market move of 1.17%.