SRG surges 4.79% closing $0.73 higher
Seritage Growth Properties Class A (SRG) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, SRG ended Wednesday at 15.97 surging $0.73 (4.79%), strongly outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over two weeks. The last time we've seen such an unusually strong single-day gain on August 24th, SRG gained 0.45% on the following trading day. Today's close at 15.97 marks the highest recorded closing price since June 9th. Closing above Tuesday's high at 15.62, the market confirmed its breakout through the prior session high after trading up to $0.61 above it intraday.
Daily Candlestick Chart (SRG as at Sep 16, 2020):
Wednesday's trading range has been $1.20 (7.78%), that's above the last trading month's daily average range of $0.91. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SRG.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Seritage Growth. Out of 79 times, SRG closed higher 55.70% 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 seven trading days, showing a win rate of 50.63% with an average market move of 0.45%.