MBT fails to close above 200-day moving average
Mobile TeleSystems PJSC (MBT) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, MBT finished Wednesday at 9.11 gaining $0.07 (0.77%), significantly outperforming the S&P 500 (-0.46%). Trading up to $0.06 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (MBT as at Sep 16, 2020):
Wednesday's trading range has been $0.18 (1.98%), that's slightly below the last trading month's daily average range of $0.20. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MBT.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
The share managed to close back above the 100-day moving average at 9.07 for the first time since September 2nd. After spiking up to 9.20 during the day, the market found resistance at the 200-day moving average at 9.20. The last time this happened on August 5th, MBT lost -1.53% on the following trading day.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 50" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Mobile TeleSystems. Out of 26 times, MBT closed higher 53.85% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.54% with an average market move of 1.47%.