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
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):
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%.