PT finds support at 20-day moving average
Pintec Technology Holdings Limited (PT) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, PT finished the week 7.75% higher at 2.78 after losing $0.20 (-6.71%) today, strongly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing below Thursday's low at 2.89, Pintec Technology confirmed its breakout through the previous session low after trading up to $0.25 below it intraday.
Daily Candlestick Chart (PT as at Feb 14, 2020):
Friday's trading range has been $0.40 (13.42%), that's above the last trading month's daily average range of $0.32. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for PT.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on January 24th, PT lost -9.45% on the following trading day.
After trading as low as 2.64 during the day, the market found support at the 20-day moving average at 2.65. The share closed back below the 200-day moving average at 2.89.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 3.28, upside momentum could accelerate should Pintec be able to break out to new highs for the year.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 20" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Pintec Technology. Out of 5 times, PT closed lower 80.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 40.00% with an average market move of -6.25%.