SNE rockets, gaining $1.66 (3.34%) within a single day on high volume


Sony Corporation (SNE) Technical Analysis Report for Jun 14, 2019 | by Techniquant Editorial Team

Highlights

SNE soars, gaining $1.66 (3.34%) within a single day on high volume
SNE breaks above 200-day moving average for the first time since May 21st
SNE rises to highest close since May 20th
SNE dominated by bulls lifting the market higher throughout the day
SNE closes higher for the 2nd day in a row

Overview

Moving higher for the 2nd day in a row, SNE finished the week 5.06% higher at 51.33 after surging $1.66 (3.34%) today on high volume, significantly outperforming the S&P 500 (-0.16%). This is the biggest single-day gain in over four weeks. Today's close at 51.33 marks the highest recorded closing price since May 20th. The bulls were in full control today, moving the market higher throughout the whole session.

Daily Candlestick Chart (SNE as at Jun 14, 2019):

Daily technical analysis candlestick chart for Sony Corporation (SNE) as at Jun 14, 2019

Friday's trading range has been $1.13 (2.24%), that's far above the last trading month's daily average range of $0.65. 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 slightly higher than usual for SNE.

One bullish candlestick pattern matches today's price action, the White Candle.

The market managed to close above the 200-day moving average at 50.41 for the first time since May 21st. When this moving average was crossed above the last time on May 16th, SNE gained 1.17% on the following trading day. Prices are trading close to the key technical resistance level at 51.87 (R1).

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. Its common bullish interpretation has been confirmed for Sony. Out of 130 times, SNE closed higher 56.15% 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 60.00% with an average market move of 1.23%.


Market Conditions for SNE as at Jun 14, 2019

Loading Market Conditions for SNE (Sony Corporation)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Sony Corporation traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!