TGNA breaks back above 50-day moving average
TEGNA Inc (TGNA) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, TGNA finished the week -1.23% lower at 16.91 after gaining $0.21 (1.26%) today on low volume, notably outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing above Thursday's high at 16.80, the share confirmed its breakout through the previous session high after trading up to $0.16 above it intraday.
Daily Candlestick Chart (TGNA as at Feb 14, 2020):
Friday's trading range has been $0.30 (1.8%), that's below the last trading month's daily average range of $0.47. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TGNA.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 50-day moving average at 16.83. When this moving average was crossed above the last time on December 4, 2019, TGNA gained 0.65% on the following trading day. Prices are trading close to the key technical resistance level at 17.29 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's low at 16.07, downside momentum might accelerate should TEGNA break out to new lows for the year.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for TEGNA. Out of 100 times, TGNA closed lower 55.00% 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 50.00% with an average market move of -0.25%.