SWKS breaks above 20-day moving average for the first time since February 19th
Skyworks Solutions Inc. (SWKS) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
SWKS ended Thursday at 92.96 gaining $7.62 (8.93%), notably outperforming the Nasdaq 100 (5.72%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 92.51, Skyworks Solutions confirmed its breakout through the prior session high after trading up to $0.56 above it intraday.
Daily Candlestick Chart (SWKS as at Mar 26, 2020):
Thursday's trading range has been $7.24 (8.36%), that's slightly below the last trading month's daily average range of $7.25. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SWKS.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, SWKS actually lost -2.23% on the following trading day.
The market managed to close above the 20-day moving average at 87.43 for the first time since February 19th. After having been unable to move lower than 84.79 in the previous session, the share found buyers again around the same price level today at 85.83.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the 10 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 Skyworks Solutions. Out of 150 times, SWKS closed higher 52.67% 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 59.33% with an average market move of 1.14%.