MAT surges, gaining $0.39 (3.53%) within a single day on high volume
Mattel Inc. (MAT) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MAT ended Wednesday at 11.44 surging $0.39 (3.53%) on high volume, notably outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over two weeks. The last time we've seen such an unusually strong single-day gain on September 1st, MAT gained 2.15% on the following trading day. Today's close at 11.44 marks the highest recorded closing price since August 17th. Closing above Tuesday's high at 11.18, the share confirmed its breakout through the prior session high after trading up to $0.44 above it intraday.
Daily Candlestick Chart (MAT as at Sep 16, 2020):
Wednesday's trading range has been $0.54 (4.87%), that's far above the last trading month's daily average range of $0.36. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MAT.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 50-day moving average at 11.11 for the first time since September 10th.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Trading close to July's high at 11.96 we might see further upside momentum if potential buy stops at the level get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Mattel. Out of 102 times, MAT closed lower 54.90% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 51.96% with an average market move of -0.78%.