SATS closes above its opening price after recovering from early selling pressure
EchoStar Corporation (SATS) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SATS finished the week 5.09% higher at 40.64 after gaining $0.65 (1.63%) today, significantly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $0.35 lower after the open, EchoStar managed to reverse during the session as bulls took control ending the day above its opening price. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (SATS as at Feb 14, 2020):
Friday's trading range has been $0.82 (2.04%), that's slightly below the last trading month's daily average range of $0.94. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for SATS.
One bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close back above the 100-day moving average at 40.47 for the first time since January 30th. When this moving average was crossed above the last time on October 15, 2019, SATS gained 1.05% on the following trading day. Prices are trading close to the key technical resistance level at 40.94 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for EchoStar. Out of 53 times, SATS closed higher 52.83% 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 56.60% with an average market move of 1.23%.