SATS breaks below Thursday's low
EchoStar Corporation (SATS) Technical Analysis Report for Jul 12, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, SATS finished the week 0.22% higher at 45.67 after losing $0.52 (-1.13%) today on low volume, notably underperforming the S&P 500 (0.46%). Trading $0.40 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 45.85, EchoStar confirmed its breakout through the prior session low after trading up to $0.21 below it intraday.
Daily Candlestick Chart (SATS as at Jul 12, 2019):
Friday's trading range has been $0.91 (1.97%), that's slightly above the last trading month's daily average range of $0.83. 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 higher than usual for SATS.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. The last time this happened on April 15th, SATS actually gained 2.16% on the following trading day. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle.
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 44.81 where further sell stops could get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Its common bearish interpretation has been confirmed for EchoStar. Out of 294 times, SATS closed lower 53.40% of the time on the next trading day after the market condition occurred.