SEE pushes through Monday's high
Sealed Air Corporation (SEE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, SEE ended the month 2.34% higher at 32.85 after gaining $0.37 (1.14%) today, slightly underperforming the S&P 500 (1.54%). Today's close at 32.85 marks the highest recorded closing price since June 9th. Closing above Monday's high at 32.84, Sealed Air confirmed its breakout through the prior session high after trading up to $0.22 above it intraday.
Daily Candlestick Chart (SEE as at Jun 30, 2020):
Tuesday's trading range has been $1.13 (3.5%), that's slightly below the last trading month's daily average range of $1.16. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SEE.
After trading down to 31.93 earlier during the day, the share bounced off the key technical support level at 31.97 (S1). The failure to close below the support might increase that levels importance as support going forward. When prices bounced off a significant support level the last time on June 15th, SEE gained 3.01% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Sealed Air. Out of 421 times, SEE closed higher 50.59% 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 62.47% with an average market move of 1.02%.