SEE closes within previous day's range
Sealed Air Corporation (SEE) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
SEE ended Wednesday at 38.83 gaining $0.22 (0.57%) on high volume, significantly outperforming the S&P 500 (-0.46%). Trading up to $0.51 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. 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 Sep 16, 2020):
Wednesday's trading range has been $0.96 (2.47%), that's slightly above the last trading month's daily average range of $0.94. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for SEE.
Four candlestick patterns are matching today's price action, the Southern Doji which is known as bullish pattern and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man. The last time a Rickshaw-Man showed up on July 13th, SEE gained 2.56% on the following trading day.
After trading as low as 38.28 during the day, Sealed Air found support at the 50-day moving average at 38.49.
Although the market is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Buying might speed up should prices move above the nearby swing high at 39.78 where further buy stops could get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Southern Doji" stand out. Its common bullish interpretation has been confirmed for Sealed Air. Out of 47 times, SEE closed higher 59.57% of the time on the next trading day after the market condition occurred.