LSXMK pushes through Tuesday's high
Liberty Media Corporation Series C Liberty SiriusXM Common Stock (LSXMK) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
LSXMK finished Wednesday at 35.85 gaining $0.85 (2.43%) on high volume, notably outperforming the S&P 500 (-0.46%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 35.71, the stock confirmed its breakout through the prior session high after trading up to $0.36 above it intraday.
Daily Candlestick Chart (LSXMK as at Sep 16, 2020):
Wednesday's trading range has been $0.92 (2.62%), that's slightly below the last trading month's daily average range of $0.95. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LSXMK.
One bullish candlestick pattern matches today's price action, the White Candle.
Liberty Media managed to close back above the 50-day moving average at 35.28. When this moving average was crossed above the last time on Monday, LSXMK actually lost -1.55% on the following trading day. Unable to break through the key technical resistance level at 35.90 (R1), the market closed below it after spiking up to 36.07 earlier during the day. The failure to close above the resistance might increase that levels significance going forward.
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 close-by swing high at 36.09 where further buy stops might get activated. Further buying could move prices higher should the market test August's nearby high at 37.24.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Liberty Media. Out of 366 times, LSXMK closed higher 50.55% 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 57.92% with an average market move of 0.59%.