SATS closes within previous day's range after lackluster session
EchoStar Corporation (SATS) Technical Analysis Report for Feb 06, 2020 | by Techniquant Editorial Team
SATS finished Thursday at 39.41 losing $0.12 (-0.3%) on high volume, underperforming the S&P 500 (0.33%). Today's close at 39.41 marks the lowest recorded closing price since December 12, 2019. Trading $0.15 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (SATS as at Feb 06, 2020):
Thursday's trading range has been $0.41 (1.04%), that's far below the last trading month's daily average range of $0.80. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for SATS.
Prices are trading close to the key technical resistance level at 39.74 (R1). After having been unable to move lower than 39.34 in the previous session, the market found buyers again around the same price level today at 39.29. The last time this happened on January 22nd, SATS gained 0.24% on the following trading day.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Trading close to December's low at 38.77 we could see further downside momentum if potential sell stops at the level get activated.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Its common bearish interpretation has been confirmed for EchoStar. Out of 430 times, SATS closed lower 51.63% of the time on the next trading day after the market condition occurred.