STZ pops to highest close since October 2, 2019
Constellation Brands Inc. (STZ) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, STZ ended the week 1.74% higher at 203.83 after gaining $2.64 (1.31%) today, notably outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 203.83 marks the highest recorded closing price since October 2, 2019. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (STZ as at Feb 14, 2020):
Friday's trading range has been $3.85 (1.9%), that's above the last trading month's daily average range of $3.34. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for STZ.
Prices are trading close to the key technical support level at 201.46 (S1).
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Constellation Brands. Out of 306 times, STZ closed higher 57.84% 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 61.44% with an average market move of 1.21%.