NBEV closes within previous day's range
New Age Beverages Corporation (NBEV) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
NBEV ended the week 13.54% higher at 2.18 after losing $0.13 (-5.63%) today on high volume, strongly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (NBEV as at Feb 14, 2020):
Friday's trading range has been $0.33 (14.04%), that's far above the last trading month's daily average range of $0.13. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NBEV.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on Wednesday, NBEV actually gained 17.26% on the following trading day.
Prices are trading close to the key technical support level at 2.09 (S1). The share closed back below the 100-day moving average at 2.24.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 1.91.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Its common bearish interpretation has been confirmed for New Age. Out of 314 times, NBEV closed lower 48.73% of the time on the next trading day after the market condition occurred.