MNRO closes within previous day's range
Monro Inc. (MNRO) Technical Analysis Report for Sep 21, 2020 | by Techniquant Editorial Team
MNRO ended Monday at 41.40 edging higher $0.22 (0.53%), significantly outperforming the S&P 500 (-1.16%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (MNRO as at Sep 21, 2020):
Monday's trading range has been $1.57 (3.89%), that's slightly below the last trading month's daily average range of $1.61. 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 MNRO.
One bullish candlestick pattern matches today's price action, the White Candle.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and might now be heading back up towards the mean of the Bollinger Bands at 44.85. The last time this happened on September 16th, MNRO actually lost -3.10% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the lower Bollinger Band" stand out. Its common bullish interpretation has been confirmed for Monro. Out of 72 times, MNRO closed higher 52.78% of the time on the next trading day after the market condition occurred.