REG pops to highest close since August 18th
Regency Centers Corporation (REG) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, REG finished Wednesday at 41.61 gaining $0.40 (0.97%), significantly outperforming the S&P 500 (-0.46%). Today's close at 41.61 marks the highest recorded closing price since August 18th. Trading up to $0.43 lower after the open, Regency Centers managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on September 1st, REG gained 4.14% on the following trading day. Closing above Tuesday's high at 41.53, the stock confirmed its breakout through the previous session high after trading up to $0.37 above it intraday.
Daily Candlestick Chart (REG as at Sep 16, 2020):
Wednesday's trading range has been $0.99 (2.39%), that's below the last trading month's daily average range of $1.30. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for REG.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
The share managed to close above the 50-day moving average at 41.31 for the first time since July 7th. Unable to break through the key technical resistance level at 41.62 (R1), the market closed below it after spiking up to 41.90 earlier during the day. The failure to close above the resistance could increase that levels significance going forward.
REG shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
As prices are trading close to September's high at 42.36, upside momentum might accelerate should Regency Centers mark new highs for the month.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Regency Centers. Out of 495 times, REG closed higher 52.53% 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 three trading days, showing a win rate of 56.16% with an average market move of -0.07%.