SWN closes -1.89% lower at 1.56
Southwestern Energy Company (SWN) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
SWN ended the week -6.02% lower at 1.56 after losing $0.03 (-1.89%) today, significantly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday.
Daily Candlestick Chart (SWN as at Feb 14, 2020):
Friday's trading range has been $0.08 (5.0%), that's slightly below the last trading month's daily average range of $0.10. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for SWN.
One bullish candlestick pattern matches today's price action, the Last Engulfing Bottom Pattern. The last time a Last Engulfing Bottom Pattern showed up on January 28th, SWN actually lost -6.63% on the following trading day.
Prices are trading close to the key technical support level at 1.49 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 1.65 where further buy stops could get activated. Selling might speed up should prices move below the nearby swing low at 1.49 where further sell stops could get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bearish for Southwestern Energy. Out of 753 times, SWN closed lower 51.39% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 54.45% with an average market move of -1.06%.