MAS finds buyers around 30.80 for the third day in a row
Masco Corporation (MAS) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
MAS finished the week -0.93% lower at 31.03 after flat today, outperforming the S&P 500 (-0.92%). 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 (MAS as at Nov 09, 2018):
Friday's trading range has been $0.64 (2.07%), that's below the last trading month's daily average range of $1.05. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for MAS. Prices continued to consolidate within a tight trading range between 30.80 and 31.87 where it has been caught now for the last three trading days.
The market found buyers again today around 30.80 for the third trading day in a row after having found demand at 30.87 in the previous session and at 30.88 two days ago. The last time this happened on Tuesday, MAS gained 0.22% on the following trading day.
While Masco is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could speed up should prices move above the nearby swing high at 31.97 where further buy stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Masco. Out of 525 times, MAS closed higher 53.71% 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 54.29% with an average market move of 0.87%.