SAIC closes within previous day's range
SCIENCE APPLICATIONS INTERNATIONAL CORPORATION (SAIC) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SAIC finished the week 1.67% higher at 94.31 after gaining $0.01 (0.01%) today, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (SAIC as at Feb 14, 2020):
Friday's trading range has been $1.97 (2.08%), that's slightly below the last trading month's daily average range of $2.10. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SAIC.
Three candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and two bearish patterns, the Bearish Spinning Top and the Hanging Man. The last time a Bullish Hikkake Pattern showed up on December 30, 2019, SAIC actually lost -0.82% on the following trading day.
Prices are trading close to the key technical resistance level at 94.89 (R1). After having been unable to move lower than 93.16 in the prior session, the share found buyers again around the same price level today at 92.87.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 92.55 where further sell stops could get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for SCIENCE APPLICATIONS. Out of 377 times, SAIC closed higher 55.17% 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 58.09% with an average market move of 0.94%.