PAGS pushes through Wednesday's high
PagSeguro Digital Ltd. Class A (PAGS) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, PAGS ended Thursday at 21.50 gaining $1.51 (7.55%), significantly outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 21.25, the share confirmed its breakout through the prior session high after trading up to $0.41 above it intraday.
Daily Candlestick Chart (PAGS as at Mar 26, 2020):
Thursday's trading range has been $1.53 (7.47%), that's far below the last trading month's daily average range of $2.72. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for PAGS.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
After having been unable to move above 21.25 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 21.66. The last time this happened on March 17th, PAGS lost -21.17% on the following trading day.
Though PagSeguro Digital is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for PagSeguro Digital. Out of 12 times, PAGS closed higher 66.67% of the time on the next trading day after the market condition occurred.