SEE closes within prior day's range after lackluster session
Sealed Air Corporation (SEE) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
SEE ended Wednesday at 42.21 losing $0.12 (-0.28%), underperforming the S&P 500 (0.3%). 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 (SEE as at Feb 13, 2019):
Wednesday's trading range has been $0.54 (1.27%), that's below the last trading month's daily average range of $0.93. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for SEE. Prices continued to consolidate within a tight trading range between 42.00 and 43.14 where it has been caught now for the last three trading days.
Notwithstanding a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern which is known as bullish pattern and one bearish pattern, the Black Candle. The last time a Bullish Hikkake Pattern showed up on October 25, 2018, SEE gained 1.03% on the following trading day.
Prices are trading close to the key technical support level at 42.00 (S1). The market found buyers again today around 42.15 for the third trading day in a row after having found demand at 42.16 in the prior session and at 42.00 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 42.00 where further sell stops might get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous two Lows" stand out. Its common bullish interpretation has been confirmed for Sealed Air. Out of 87 times, SEE closed higher 56.32% 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 three trading days, showing a win rate of 57.47% with an average market move of 0.55%.