MATX ends the day indecisive
Matson Inc. (MATX) Technical Analysis Report for Dec 04, 2019 | by Techniquant Editorial Team
MATX finished Wednesday at 36.87 gaining $0.24 (0.66%), slightly outperforming the Dow Comp. (0.59%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (MATX as at Dec 04, 2019):
Wednesday's trading range has been $0.98 (2.66%), that's slightly below the last trading month's daily average range of $0.98. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for MATX.
After spiking up to 37.77 during the day, Matson found resistance at the 200-day moving average at 37.61. The last time this happened on August 19th, MATX lost -0.03% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 36.11 where further sell stops could get triggered. Further selling might move prices lower should the market test November's nearby low at 36.07.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. Its common bearish interpretation has been confirmed for Matson. Out of 51 times, MATX closed lower 58.82% of the time on the next trading day after the market condition occurred.