REG finds buyers again around 38.59
Regency Centers Corporation (REG) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, REG finished Thursday at 42.34 gaining $1.10 (2.67%), notably underperforming the S&P 500 (6.24%). Trading up to $3.16 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on March 17th, REG actually lost -20.74% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (REG as at Mar 26, 2020):
Thursday's trading range has been $4.40 (10.54%), that's slightly above the last trading month's daily average range of $3.94. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for REG.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical resistance level at 43.81 (R1). After having been unable to move lower than 38.96 in the previous session, the share found buyers again around the same price level today at 38.59.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 43.81 where further buy stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Regency Centers. Out of 550 times, REG closed higher 52.91% 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 10 trading days, showing a win rate of 58.00% with an average market move of 0.35%.