LSXMA pushes through Thursday's high
Liberty Media Corporation Series A Liberty SiriusXM Common Stock (LSXMA) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, LSXMA finished the week 3.87% higher at 32.48 after edging higher $0.38 (1.18%) today on low volume, outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing above Thursday's high at 32.44, the stock confirmed its breakout through the previous session high after trading up to $0.30 above it intraday.
Daily Candlestick Chart (LSXMA as at May 22, 2020):
Friday's trading range has been $0.87 (2.72%), that's far below the last trading month's daily average range of $1.56. 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 LSXMA.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on May 15th, LSXMA gained 5.34% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 33.84 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 30.98 where further sell stops might get activated.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Liberty Media. Out of 29 times, LSXMA closed higher 65.52% 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 58.62% with an average market move of 0.90%.