RRR closes higher for the 6th day in a row
Red Rock Resorts Inc. (RRR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, RRR ended Thursday at 10.94 gaining $1.11 (11.29%), notably outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 10.50, the market confirmed its breakout through the previous session high after trading up to $1.03 above it intraday.
Daily Candlestick Chart (RRR as at Mar 26, 2020):
Thursday's trading range has been $1.48 (14.55%), that's below the last trading month's daily average range of $2.09. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for RRR.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on March 19th, RRR gained 21.97% on the following trading day.
Prices are trading close to the key technical support level at 9.40 (S1).
While Red Rock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Red Rock. Out of 24 times, RRR closed higher 50.00% 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 70.83% with an average market move of 2.30%.