TGNA pushes through key technical resistance level
TEGNA Inc (TGNA) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, TGNA ended Thursday at 13.46 gaining $0.64 (4.99%), notably underperforming the S&P 500 (6.24%). Closing above Wednesday's high at 13.40, the share confirmed its breakout through the previous session high after trading up to $0.30 above it intraday.
Daily Candlestick Chart (TGNA as at Mar 26, 2020):
Thursday's trading range has been $0.90 (6.89%), that's below the last trading month's daily average range of $1.50. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for TGNA.
Buyers managed to take out the key technical resistance level at 13.22 (now S1), which is likely to act as support going forward. The last time this happened on March 9th, TGNA actually lost -2.57% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for TEGNA. Out of 421 times, TGNA closed lower 51.54% of the time on the next trading day after the market condition occurred.