MTN pops to highest close since January 23rd
Vail Resorts Inc. (MTN) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, MTN finished the week 5.73% higher at 249.41 after gaining $1.33 (0.54%) today on low volume, slightly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 249.41 marks the highest recorded closing price since January 23rd. Trading up to $0.95 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 248.36, the stock confirmed its breakout through the prior session high after trading up to $1.32 above it intraday.
Daily Candlestick Chart (MTN as at Feb 14, 2020):
Friday's trading range has been $2.84 (1.15%), that's below the last trading month's daily average range of $4.95. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for MTN.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on October 4, 2019, MTN actually lost -2.46% on the following trading day.
Buyers managed to take out the key technical resistance level at 249.23 (now S1), which is likely to act as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 255.37, upside momentum could speed up should Vail Resorts be able to break out to new highs for the year.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for Vail Resorts. Out of 548 times, MTN closed higher 50.73% 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 59.12% with an average market move of 0.73%.