MAA closes within previous day's range
Mid-America Apartment Communities Inc. (MAA) Technical Analysis Report for Jul 02, 2020 | by Techniquant Editorial Team
MAA ended Thursday at 117.53 edging lower $0.14 (-0.12%), underperforming the S&P 500 (0.45%) ahead of tomorrow's Independence Day OBS market holiday. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (MAA as at Jul 02, 2020):
Thursday's trading range has been $3.24 (2.71%), that's slightly below the last trading month's daily average range of $3.55. 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 MAA.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on June 23rd, MAA lost -2.66% on the following trading day.
Prices are trading close to the key technical support level at 115.57 (S1).
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.