REG closes within prior day's range
Regency Centers Corporation (REG) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, REG finished the month -10.59% lower at 41.03 after losing $0.78 (-1.87%) today on high volume, strongly underperforming the S&P 500 (0.77%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (REG as at Jul 31, 2020):
Friday's trading range has been $1.56 (3.74%), that's slightly above the last trading month's daily average range of $1.55. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for REG.
Prices are trading close to the key technical resistance level at 42.12 (R1). After having been unable to move lower than 40.33 in the prior session, the share found buyers again around the same price level today at 40.12. The last time this happened on July 24th, REG actually lost -0.13% on the following trading day.
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 nearby swing high at 42.47 where further buy stops might get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for Regency Centers. Out of 557 times, REG closed higher 53.14% 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 57.63% with an average market move of 0.41%.