MAC closes higher for the 2nd day in a row
Macerich Company (MAC) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MAC finished Wednesday at 7.78 gaining $0.31 (4.15%), significantly outperforming the S&P 500 (-0.46%). Closing above Tuesday's high at 7.76, the share confirmed its breakout through the previous session high after trading up to $0.21 above it intraday.
Daily Candlestick Chart (MAC as at Sep 16, 2020):
Wednesday's trading range has been $0.59 (7.91%), that's far above the last trading month's daily average range of $0.40. Weekly volatility is also higher, being slightly above 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 White Candle.
The market managed to close back above the 20-day moving average at 7.77 for the first time since September 8th. Unable to break through the key technical resistance level at 7.81 (R1), the stock closed below it after spiking up to 7.97 earlier during the day. The failure to close above the resistance could increase that levels significance going forward. When prices bounced off a significant resistance level the last time on September 8th, MAC lost -4.96% on the following trading day.
Macerich shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
As prices are trading close to September's high at 8.39, upside momentum might accelerate should MAC mark new highs for the month.
Among the six 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 55.52% of the time on the next trading day after the market condition occurred.