SITC closes within prior day's range
SITE Centers Corp. (SITC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, SITC finished Thursday at 6.13 gaining $0.43 (7.54%), significantly outperforming the S&P 500 (6.24%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (SITC as at Mar 26, 2020):
Thursday's trading range has been $0.85 (14.71%), that's slightly below the last trading month's daily average range of $0.88. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for SITC. Prices continued to consolidate within a tight trading range between 4.93 and 6.38 where it has been caught now for the whole last trading week.
Unable to break through the key technical resistance level at 6.29 (R1), the stock closed below it after spiking up to 6.38 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. When prices bounced off a significant resistance level the last time on February 24th, SITC lost -3.68% on the following trading day. After having been unable to move above 6.22 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 6.38.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for SITE Centers. Out of 275 times, SITC closed higher 54.91% 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 eight trading days, showing a win rate of 55.27% with an average market move of 0.10%.