LBTYK closes higher for the 2nd day in a row
Liberty Global plc (LBTYK) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, LBTYK ended the month 4.27% higher at 21.51 after edging higher $0.03 (0.14%) today on low volume, notably underperforming the Nasdaq 100 (1.96%). Trading $0.20 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (LBTYK as at Jun 30, 2020):
Tuesday's trading range has been $0.53 (2.46%), that's below the last trading month's daily average range of $0.75. 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 LBTYK.
One neutral candlestick pattern matches today's price action, the Doji.
After trading down to 21.19 earlier during the day, the stock bounced off the key technical support level at 21.21 (S1). The failure to close below the support might increase that levels importance as support going forward. When prices bounced off a significant support level the last time on June 25th, LBTYK actually lost -3.09% on the following trading day.
Though Liberty Global is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Liberty Global. Out of 297 times, LBTYK closed higher 51.85% 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 55.56% with an average market move of 0.53%.