MA closes above its opening price after recovering from early selling pressure
Mastercard Incorporated (MA) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MA finished the month -1.72% lower at 295.70 after gaining $2.77 (0.95%) today, underperforming the S&P 500 (1.54%). Trading up to $2.08 lower after the open, Mastercard Incorporated managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 293.15, the share confirmed its breakout through the prior session high after trading up to $3.45 above it intraday.
Daily Candlestick Chart (MA as at Jun 30, 2020):
Tuesday's trading range has been $5.59 (1.91%), that's below the last trading month's daily average range of $7.95. 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 lower than usual for MA.
Prices are trading close to the key technical resistance level at 297.90 (R1).
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the five 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 Mastercard Incorporated. Out of 332 times, MA closed higher 55.12% 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 64.46% with an average market move of 1.02%.