SEE closes lower for the 6th day in a row


Sealed Air Corporation (SEE) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team

Highlights

SEE closes above its opening price after recovering from early selling pressure
SEE closes lower for the 6th day in a row
SEE closes within previous day's range

Overview

Moving lower for the 6th day in a row, SEE finished the month 8.61% higher at 35.68 after losing $0.17 (-0.47%) today, strongly underperforming the S&P 500 (0.77%). Trading up to $0.94 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 26th, SEE gained 4.14% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (SEE as at Jul 31, 2020):

Daily technical analysis candlestick chart for Sealed Air Corporation (SEE) as at Jul 31, 2020

Friday's trading range has been $1.15 (3.24%), that's above the last trading month's daily average range of $0.91. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SEE.

One bullish candlestick pattern matches today's price action, the Takuri Line.

While Sealed Air is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.

Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Takuri Line" stand out. Its common bullish interpretation has been confirmed for Sealed Air. Out of 56 times, SEE closed higher 55.36% of the time on the next trading day after the market condition occurred.


Market Conditions for SEE as at Jul 31, 2020

Loading Market Conditions for SEE (Sealed Air Corporation)...
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