TEN runs into sellers around 4.48 for the third day in a row
Tenneco Inc. Class A Voting (TEN) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, TEN ended Thursday at 4.21 gaining $0.01 (0.24%), notably underperforming the S&P 500 (6.24%). Trading $0.26 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on March 6th, TEN lost -16.27% on the following trading day. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (TEN as at Mar 26, 2020):
Thursday's trading range has been $0.48 (11.37%), that's far below the last trading month's daily average range of $0.87. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TEN.
Three candlestick patterns are matching today's price action, the Tweezer Top which is known as bullish pattern, one bearish pattern, the Northern Doji and one neutral pattern, the Doji.
Prices are trading close to the key technical resistance level at 4.52 (R1). Tenneco ran into sellers again today around 4.48 for the third trading day in a row after having found sellers at 4.48 in the prior session and at 4.52 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 4.52 where further buy stops might get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Tweezer Top" stand out. Its common bullish interpretation has been confirmed for Tenneco. Out of 8 times, TEN closed higher 62.50% 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 62.50% with an average market move of 2.58%.