SNBR climbs to highest close since July 15th
Sleep Number Corporation (SNBR) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, SNBR finished Wednesday at 50.16 edging higher $0.03 (0.06%), outperforming the S&P 500 (-0.46%). Today's close at 50.16 marks the highest recorded closing price since July 15th. Trading $0.44 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on September 8th, SNBR lost -2.86% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (SNBR as at Sep 16, 2020):
Wednesday's trading range has been $1.16 (2.3%), that's far below the last trading month's daily average range of $2.42. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for SNBR.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
Prices are trading close to the key technical resistance level at 51.24 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 51.24 where further buy stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Sleep Number. Out of 233 times, SNBR closed higher 58.37% 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 58.80% with an average market move of 1.11%.