SATS finds buyers again around 44.95
EchoStar Corporation (SATS) Technical Analysis Report for Jul 16, 2019 | by Techniquant Editorial Team
SATS finished Tuesday at 45.11 edging higher $0.01 (0.02%) on low volume, slightly outperforming the S&P 500 (-0.34%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (SATS as at Jul 16, 2019):
Tuesday's trading range has been $0.39 (0.86%), that's far below the last trading month's daily average range of $0.82. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for SATS.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the Homing Pigeon. The last time a Homing Pigeon showed up on March 16, 2018, SATS actually lost -1.07% on the following trading day.
After having been unable to move lower than 44.93 in the prior session, the stock found buyers again around the same price level today at 44.95.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the close-by swing low at 44.93 where further sell stops might get triggered. As prices are trading close to July's low at 44.09, downside momentum could accelerate should the market mark new lows for the month.
Among the three 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 EchoStar. Out of 600 times, SATS closed higher 50.17% 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 49.17% with an average market move of 0.51%.