RIOT gains $0.05 (6.49%) after posting strong earnings


Riot Blockchain Inc (RIOT) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

RIOT gains $0.05 (6.49%) after posting strong earnings
RIOT finds buyers around 0.76 for the third day in a row
RIOT finds buyers at key support level
RIOT fails to close above 20-day moving average
RIOT closes within previous day's range

Overview

RIOT finished Thursday at 0.82 gaining $0.05 (6.49%), slightly outperforming the S&P 500 (6.24%) following Wednesday's earnings report. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.

Daily Candlestick Chart (RIOT as at Mar 26, 2020):

Daily technical analysis candlestick chart for Riot Blockchain Inc (RIOT) as at Mar 26, 2020

RIOT reported earnings of $-0.1 per share after Wednesday's market close. With analysts having expected an EPS of $-0.11, Riot Blockchain Inc surpassed market expectations by 9.1%. The company's last earnings report was released on Nov. 12, 2019, when Riot Blockchain Inc reported earnings of $-0.08 per share beating market expectations by 27.3%.

Thursday's trading range has been $0.17 (20.73%), that's above the last trading month's daily average range of $0.12. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for RIOT.

Five candlestick patterns are matching today's price action, the Gravestone Doji and the Northern Doji which are both known as bearish patterns and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man.

After trading down to 0.76 earlier during the day, the stock bounced off the key technical support level at 0.80 (S1). The failure to close below the support could increase that levels importance as support going forward. When prices bounced off a significant support level the last time on Monday, RIOT gained 19.40% on the following trading day. After spiking up to 0.93 during the day, the market found resistance at the 20-day moving average at 0.91. Riot Blockchain found buyers again today around 0.76 for the third trading day in a row after having found demand at 0.74 in the prior session and at 0.74 two days ago.

Although the share is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the 12 market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for Riot Blockchain. Out of 230 times, RIOT closed lower 57.83% of the time on the next trading day after the market condition occurred.


Market Conditions for RIOT as at Mar 26, 2020

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RIOT closes within prior day's range

Apr 07, 2020
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