REG closes below its opening price unable to hold early session gains
Regency Centers Corporation (REG) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, REG finished the month 7.24% higher at 45.89 after edging higher $0.07 (0.15%) today, strongly underperforming the S&P 500 (1.54%). Trading $1.02 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on June 26th, REG actually gained 2.99% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (REG as at Jun 30, 2020):
Tuesday's trading range has been $1.71 (3.72%), that's below the last trading month's daily average range of $2.49. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for REG.
Three candlestick patterns are matching today's price action, the Gravestone Doji and the Northern Doji which are both known as bearish patterns and one neutral pattern, the Doji.
After spiking up to 46.98 during the day, Regency Centers found resistance at the 100-day moving average at 46.58.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 100" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Regency Centers. Out of 23 times, REG closed higher 65.22% 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 52.17% with an average market move of 0.17%.