SE closes above its opening price after recovering from early selling pressure


Sea Limited American Depositary Shares each representing one Class A (SE) Technical Analysis Report for Jan 15, 2020 | by Techniquant Editorial Team

Highlights

SE closes above its opening price after recovering from early selling pressure
SE still stuck within tight trading range
SE ends the day indecisive

Overview

SE ended Wednesday at 40.42 gaining $0.48 (1.2%), notably outperforming the S&P 500 (0.19%). Trading up to $0.49 lower after the open, Sea managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (SE as at Jan 15, 2020):

Daily technical analysis candlestick chart for Sea Limited American Depositary Shares each representing one Class A (SE) as at Jan 15, 2020

Wednesday's trading range has been $1.04 (2.57%), that's slightly below the last trading month's daily average range of $1.16. 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 SE. Prices continued to consolidate within a tight trading range between 39.15 and 40.95 where it has been caught now for the whole last trading week.

Four candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man. The last time a Rickshaw-Man showed up on April 3, 2019, SE lost -5.62% on the following trading day.

Prices are trading close to the key technical resistance level at 41.19 (R1).

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Northern Doji" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Sea. Out of 15 times, SE closed higher 66.67% 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 80.00% with an average market move of 9.19%.


Market Conditions for SE as at Jan 15, 2020

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