MAT runs into sellers again around 11.50
Mattel Inc. (MAT) Technical Analysis Report for Jul 29, 2020 | by Techniquant Editorial Team
MAT ended Wednesday at 11.30 edging lower $0.02 (-0.18%), strongly underperforming the S&P 500 (1.24%). Trading $0.11 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (MAT as at Jul 29, 2020):
Wednesday's trading range has been $0.28 (2.46%), that's below the last trading month's daily average range of $0.41. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MAT.
Prices are trading close to the key technical support level at 10.97 (S1). After having been unable to move above 11.43 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 11.50. The last time this happened on July 22nd, MAT actually gained 2.38% on the following trading day.
Although 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 "Bearish Intraday Reversal" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Mattel. Out of 387 times, MAT closed higher 50.13% of the time on the next trading day after the market condition occurred.