MAS closes lower for the 2nd day in a row
Masco Corporation (MAS) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, MAS finished the week 4.92% higher at 44.82 after edging lower $0.12 (-0.27%) today, underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing below Thursday's low at 44.90, Masco confirmed its breakout through the prior session low after trading up to $0.45 below it intraday.
Daily Candlestick Chart (MAS as at May 22, 2020):
Friday's trading range has been $0.70 (1.55%), that's below the last trading month's daily average range of $1.26. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MAS.
Prices are trading close to the key technical resistance level at 44.98 (R1).
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Masco. Out of 295 times, MAS closed higher 53.56% 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 56.61% with an average market move of 0.95%.