SNE breaks back above 50-day moving average
Sony Corporation (SNE) Technical Analysis Report for Sep 18, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, SNE finished the week 2.52% higher at 78.96 after gaining $1.35 (1.74%) today, significantly outperforming the S&P 500 (-1.12%).
Daily Candlestick Chart (SNE as at Sep 18, 2020):
Friday's trading range has been $1.84 (2.3%), that's far above the last trading month's daily average range of $1.26. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for SNE.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on Wednesday, SNE actually gained 0.81% on the following trading day.
The share managed to close back above the 50-day moving average at 78.69 for the first time since September 4th.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Sony. Out of 137 times, SNE closed higher 54.74% 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 56.20% with an average market move of 1.57%.