MDLZ fails to close above 50-day moving average
Mondelez International Inc. (MDLZ) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MDLZ ended the month -1.9% lower at 51.13 after gaining $0.55 (1.09%) today, underperforming the Nasdaq 100 (1.96%). Closing above Monday's high at 50.72, Mondelez International confirmed its breakout through the previous session high after trading up to $0.50 above it intraday.
Daily Candlestick Chart (MDLZ as at Jun 30, 2020):
Tuesday's trading range has been $0.68 (1.34%), that's far below the last trading month's daily average range of $1.10. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MDLZ.
Three candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on May 28th, MDLZ actually gained 1.38% on the following trading day.
After spiking up to 51.22 during the day, the share found resistance at the 50-day moving average at 51.16.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Mondelez International. Out of 72 times, MDLZ closed higher 58.33% 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 63.89% with an average market move of 1.18%.