SATS climbs to highest close since March 4th
EchoStar Corporation (SATS) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, SATS finished Thursday at 35.87 surging $3.00 (9.13%) on low volume, notably outperforming the S&P 500 (6.24%). Today's close at 35.87 marks the highest recorded closing price since March 4th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 33.64, the stock confirmed its breakout through the prior session high after trading up to $2.42 above it intraday.
Daily Candlestick Chart (SATS as at Mar 26, 2020):
Thursday's trading range has been $2.96 (8.91%), that's above the last trading month's daily average range of $2.13. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SATS.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 19th, SATS gained 0.67% on the following trading day.
Prices are trading close to the key technical resistance level at 37.70 (R1).
While EchoStar is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
As prices are trading close to March's high at 36.23, upside momentum might accelerate should the market mark new highs for the month.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. Its common bullish interpretation has been confirmed for EchoStar. Out of 126 times, SATS closed higher 56.35% 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 60.32% with an average market move of 1.77%.