MAA breaks back above 50-day moving average
Mid-America Apartment Communities Inc. (MAA) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MAA finished the month -1.45% lower at 114.67 after gaining $3.15 (2.82%) today, significantly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (MAA as at Jun 30, 2020):
Tuesday's trading range has been $3.42 (3.06%), that's slightly below the last trading month's daily average range of $3.57. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MAA.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close back above the 50-day moving average at 114.11 for the first time since June 22nd. When this moving average was crossed above the last time on May 18th, MAA actually lost -2.83% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Its common bullish interpretation has been confirmed for Mid-America Apartment. Out of 94 times, MAA closed higher 58.51% 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 63.83% with an average market move of 0.21%.