MAT still stuck within tight trading range
Mattel Inc. (MAT) Technical Analysis Report for Aug 03, 2020 | by Techniquant Editorial Team
MAT ended Monday at 11.36 gaining $0.25 (2.25%), significantly outperforming the S&P 500 (0.72%).
Daily Candlestick Chart (MAT as at Aug 03, 2020):
Monday's trading range has been $0.38 (3.42%), that's slightly below the last trading month's daily average range of $0.41. 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 MAT. Prices continued to consolidate within a tight trading range between 10.88 and 11.50 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on July 30th, MAT actually lost -1.07% on the following trading day.
Prices are trading close to the key technical resistance level at 11.50 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 11.50 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 10.91 where further sell stops could get triggered. Further buying might move prices higher should the market test July's nearby high at 11.96.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Mattel. Out of 536 times, MAT closed higher 51.68% of the time on the next trading day after the market condition occurred.