RHP rises to highest close since June 9th
Ryman Hospitality Properties Inc. (RHP) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, RHP finished Wednesday at 41.00 gaining $0.70 (1.74%), notably outperforming the S&P 500 (-0.46%). Today's close at 41.00 marks the highest recorded closing price since June 9th. Trading up to $0.81 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 September 4th, RHP actually lost -2.38% on the following trading day. Closing above Tuesday's high at 40.98, the share confirmed its breakout through the previous session high after trading up to $0.59 above it intraday.
Daily Candlestick Chart (RHP as at Sep 16, 2020):
Wednesday's trading range has been $2.05 (5.08%), that's above the last trading month's daily average range of $1.71. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for RHP.
Unable to break through the key technical resistance level at 41.30 (R1), the market closed below it after spiking up to 41.57 earlier during the day. The failure to close above the resistance might increase that levels importance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for Ryman Hospitality. Out of 419 times, RHP closed lower 56.09% 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 four trading days, showing a win rate of 52.51% with an average market move of -0.11%.