MAC closes within prior day's range after lackluster session
Macerich Company (MAC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
MAC ended Thursday at 6.90 losing $0.83 (-10.74%), strongly underperforming the S&P 500 (6.24%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (MAC as at Mar 26, 2020):
Thursday's trading range has been $1.29 (16.15%), that's below the last trading month's daily average range of $1.70. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for MAC. Prices continued to consolidate within a tight trading range between 6.76 and 8.64 where it has been caught now for the last three trading days.
Three candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern and the Tweezer Bottom which are both known as bullish patterns and one bearish pattern, the Black Candle. The last time a Last Engulfing Bottom Pattern showed up on March 17th, MAC actually lost -26.42% on the following trading day.
Prices are trading close to the key technical support level at 5.98 (S1). The market found buyers again today around 6.76 for the third trading day in a row after having found demand at 6.76 in the previous session and at 6.81 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 5.98 where further sell stops could get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Tweezer Bottom" stand out. Its common bullish interpretation has been confirmed for Macerich. Out of 5 times, MAC closed higher 60.00% of the time on the next trading day after the market condition occurred.