OUT closes below its opening price unable to hold early session gains
OUTFRONT Media Inc. (OUT) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
OUT finished Thursday at 12.79 edging lower $0.11 (-0.85%), significantly underperforming the S&P 500 (6.24%). Trading $2.48 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on March 3rd, OUT actually gained 3.56% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (OUT as at Mar 26, 2020):
Thursday's trading range has been $2.87 (22.06%), that's above the last trading month's daily average range of $2.12. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for OUT.
One bearish candlestick pattern matches today's price action, the Shooting Star.
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 Price Action based market condition "Bearish Intraday Reversal" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for OUTFRONT Media. Out of 265 times, OUT closed higher 51.32% 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 four trading days, showing a win rate of 52.45% with an average market move of 0.01%.