MATX unable to break through key resistance level
Matson Inc. (MATX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
MATX finished the month 1.86% higher at 29.10 after losing $0.15 (-0.51%) today, strongly underperforming the Dow Comp. (0.88%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (MATX as at Jun 30, 2020):
Tuesday's trading range has been $0.83 (2.86%), that's far below the last trading month's daily average range of $1.22. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MATX.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Unable to break through the key technical resistance level at 29.39 (R1), the market closed below it after spiking up to 29.62 earlier during the day. The failure to close above the resistance could increase that levels significance going forward. When prices bounced off a significant resistance level the last time on June 23rd, MATX lost -4.76% on the following trading day.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for Matson. Out of 413 times, MATX closed lower 55.69% 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 49.88% with an average market move of -0.27%.