STZ pushes through Wednesday's high


Constellation Brands Inc. (STZ) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

STZ pushes through key technical resistance level
STZ dominated by bulls lifting the market higher throughout the day
STZ closes higher for the 3rd day in a row
STZ pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, STZ finished Thursday at 140.69 surging $14.08 (11.12%), significantly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 133.73, the market confirmed its breakout through the previous session high after trading up to $8.78 above it intraday.

Daily Candlestick Chart (STZ as at Mar 26, 2020):

Daily technical analysis candlestick chart for Constellation Brands Inc. (STZ) as at Mar 26, 2020

Thursday's trading range has been $14.71 (11.46%), that's above the last trading month's daily average range of $12.41. 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.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, STZ gained 2.25% on the following trading day.

Buyers managed to take out the key technical resistance level at 129.98 (now S1), which is likely to act as support going forward.

While Constellation Brands is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.

Among the nine 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 Constellation Brands. Out of 176 times, STZ closed higher 55.68% 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 56.82% with an average market move of 0.64%.


Market Conditions for STZ as at Mar 26, 2020

Loading Market Conditions for STZ (Constellation Brands Inc.)...
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