NYT ends the day indecisive
New York Times Company (NYT) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, NYT ended the month 9.78% higher at 46.14 after edging higher $0.10 (0.22%) today, underperforming the S&P 500 (0.77%). Today's close at 46.14 marks the highest recorded closing price since June 15, 2004. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (NYT as at Jul 31, 2020):
Friday's trading range has been $0.90 (1.95%), that's below the last trading month's daily average range of $1.06. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NYT.
Four candlestick patterns are matching today's price action, the Bearish Doji Star, the Hanging Man and the Northern Doji which are known as bearish patterns and one neutral pattern, the Doji. The last time a Hanging Man showed up on June 2nd, NYT actually gained 2.93% on the following trading day.
After trading down to 45.44 earlier during the day, the stock bounced off the key technical support level at 45.97 (S1). The failure to close below the support could increase that levels significance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 45.07 where further sell stops could get activated.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for New York. Out of 456 times, NYT closed higher 52.85% 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 54.82% with an average market move of 0.99%.