MAC closes higher for the 2nd day in a row
Macerich Company (MAC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MAC ended the month 31.72% higher at 8.97 after gaining $0.19 (2.16%) today on low volume, outperforming the S&P 500 (1.54%). Trading up to $0.22 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (MAC as at Jun 30, 2020):
Tuesday's trading range has been $0.48 (5.38%), that's far below the last trading month's daily average range of $0.94. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MAC.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on June 9th, MAC actually lost -11.04% on the following trading day.
After trading down to 8.70 earlier during the day, the stock bounced off the key technical support level at 8.83 (S1). The failure to close below the support might increase that levels importance as support going forward.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could accelerate should prices move below the nearby swing low at 8.16 where further sell stops might get triggered.
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 Macerich. Out of 308 times, MAC closed higher 57.14% of the time on the next trading day after the market condition occurred.