LGF-A closes higher for the 2nd day in a row
Lions Gate Entertainment Corporation Class A (LGF-A) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, LGF-A finished the week 0.57% higher at 10.66 after gaining $0.11 (1.04%) today, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. 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 (LGF-A as at Feb 14, 2020):
Friday's trading range has been $0.31 (2.95%), that's below the last trading month's daily average range of $0.42. 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 LGF-A. Prices continued to consolidate within a tight trading range between 10.45 and 10.89 where it has been caught now for the last three trading days.
Buyers managed to take out the key technical resistance level at 10.55 (now S1), which is likely to act as support going forward. The share found buyers again today around 10.45 for the third trading day in a row after having found demand at 10.46 in the prior session and at 10.48 two days ago. The last time this happened on January 6th, LGF-A gained 1.47% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 10.89 where further buy stops might get activated. With prices trading close to this year's high at 11.52, upside momentum could accelerate should Lions Gate be able to break out to new highs for the year.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. Its common bearish interpretation has been confirmed for Lions Gate. Out of 607 times, LGF-A closed lower 51.07% of the time on the next trading day after the market condition occurred.