OUT breaks below Thursday's low
OUTFRONT Media Inc. (OUT) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, OUT ended the week -4.37% lower at 24.70 after tanking $0.45 (-1.79%) today on high volume, significantly underperforming the S&P 500 (-0.16%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 25.14, the stock confirmed its breakout through the prior session low after trading up to $0.44 below it intraday.
Daily Candlestick Chart (OUT as at Jun 14, 2019):
Friday's trading range has been $0.54 (2.14%), that's above the last trading month's daily average range of $0.40. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for OUT.
Two candlestick patterns are matching today's price action, the Bearish Closing Marubozu and the Black Candle which are both known as bearish patterns. The last time a Bearish Closing Marubozu showed up on October 10, 2018, OUT lost -1.30% on the following trading day.
Prices broke below the key technical support level at 24.71 (now R1), which is likely to act as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
As prices are trading close to June's low at 24.40, downside momentum could speed up should the market mark new lows for the month.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for OUTFRONT Media. Out of 165 times, OUT closed higher 54.55% of the time on the next trading day after the market condition occurred.