SEE dominated by bulls lifting the market higher throughout the day
Sealed Air Corporation (SEE) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SEE ended Thursday at 26.10 gaining $2.08 (8.66%), strongly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 24.77, the share confirmed its breakout through the prior session high after trading up to $1.49 above it intraday.
Daily Candlestick Chart (SEE as at Mar 26, 2020):
Thursday's trading range has been $2.15 (8.83%), that's slightly below the last trading month's daily average range of $2.34. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for SEE.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close above the 20-day moving average at 25.84 for the first time since February 5th. When this moving average was crossed above the last time on February 5th, SEE actually lost -0.79% on the following trading day.
Though the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for Sealed Air. Out of 298 times, SEE closed higher 53.36% 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 59.06% with an average market move of 0.67%.