RYAAY closes above its opening price after recovering from early selling pressure
Ryanair Holdings plc American Depositary Shares each representing five Ordinary Shares (RYAAY) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
RYAAY finished Thursday at 59.29 losing $1.71 (-2.8%), notably underperforming the S&P 500 (6.24%). Trading up to $1.28 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 Monday, RYAAY gained 13.54% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (RYAAY as at Mar 26, 2020):
Thursday's trading range has been $2.33 (3.95%), that's below the last trading month's daily average range of $3.38. 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 RYAAY.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
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 61.39 where further buy stops might get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for Ryanair Holdings. Out of 227 times, RYAAY closed higher 54.63% 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 56.39% with an average market move of 0.58%.