SATS closes higher for the 4th day in a row
EchoStar Corporation (SATS) Technical Analysis Report for Jan 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, SATS finished Thursday at 43.27 gaining $0.53 (1.24%), slightly outperforming the S&P 500 (0.84%).
Daily Candlestick Chart (SATS as at Jan 16, 2020):
Thursday's trading range has been $0.70 (1.63%), that's below the last trading month's daily average range of $0.84. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for SATS.
After spiking up to 43.69 during the day, the market found resistance at the 20-day moving average at 43.37. The last time this happened on August 28, 2019, SATS actually gained 3.28% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 43.73 where further buy stops might get triggered. With prices trading close to this year's high at 43.96, upside momentum could speed up should the stock be able to break out to new highs for the year.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for EchoStar. Out of 64 times, SATS closed higher 54.69% 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 62.50% with an average market move of 1.85%.