LBTYA rockets, gaining $0.64 (2.94%) within a single day
Liberty Global plc Class A Ordinary Shares (LBTYA) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, LBTYA ended Wednesday at 22.41 surging $0.64 (2.94%), strongly outperforming the Nasdaq 100 (-1.67%). This is the biggest single-day gain in over four weeks. Closing above Tuesday's high at 21.90, the stock confirmed its breakout through the previous session high after trading up to $0.86 above it intraday.
Daily Candlestick Chart (LBTYA as at Sep 16, 2020):
Wednesday's trading range has been $0.89 (4.07%), that's far above the last trading month's daily average range of $0.56. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LBTYA.
One bullish candlestick pattern matches today's price action, the White Candle.
Liberty Global managed to close back above the 100-day moving average at 22.26 for the first time since September 8th. After spiking up to 22.76 during the day, the share found resistance at the 50-day moving average at 22.72. The last time this happened on August 18th, LBTYA lost -1.95% on the following trading day.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Liberty Global. Out of 160 times, LBTYA closed higher 55.00% 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 10 trading days, showing a win rate of 58.75% with an average market move of 0.72%.