QRTEA rises to highest close since September 16, 2019
Qurate Retail Inc. Series A Common Stock (QRTEA) Technical Analysis Report for Aug 07, 2020 | by Techniquant Editorial Team
QRTEA ended the week 5.68% higher at 11.53 after gaining $0.21 (1.86%) today, notably outperforming the Nasdaq 100 (-1.13%). Today's close at 11.53 marks the highest recorded closing price since September 16, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (QRTEA as at Aug 07, 2020):
Friday's trading range has been $0.37 (3.29%), that's slightly below the last trading month's daily average range of $0.46. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for QRTEA. Prices continued to consolidate within a tight trading range between 10.91 and 11.62 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern.
Prices are trading close to the key technical support level at 11.24 (S1). The market ran into sellers again today around 11.60 for the third trading day in a row after having found sellers at 11.62 in the prior session and at 11.56 two days ago. The last time this happened on Tuesday, QRTEA actually gained 3.32% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 11.62 where further buy stops might get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. Its common bearish interpretation has been confirmed for Qurate Retail. Out of 48 times, QRTEA closed lower 52.08% 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 56.25% with an average market move of -1.68%.