LILA closes higher for the 2nd day in a row
Liberty Latin America Ltd. (LILA) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, LILA ended the month -2.51% lower at 9.72 after gaining $0.15 (1.57%) today, slightly outperforming the S&P 500 (1.54%). Closing above Monday's high at 9.59, Liberty Latin confirmed its breakout through the prior session high after trading up to $0.16 above it intraday.
Daily Candlestick Chart (LILA as at Jun 30, 2020):
Tuesday's trading range has been $0.37 (3.9%), that's below the last trading month's daily average range of $0.52. 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 LILA. Prices continued to consolidate within a tight trading range between 9.20 and 9.77 where it has been caught now for the last three trading days.
Three candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bullish Short Candle showed up on May 18th, LILA actually lost -6.28% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 9.77 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 9.20 where further sell stops could get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Liberty Latin. Out of 34 times, LILA closed lower 61.76% of the time on the next trading day after the market condition occurred.