TGNA breaks back below 50-day moving average
TEGNA Inc (TGNA) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
TGNA finished the month -4.95% lower at 11.14 after edging lower $0.04 (-0.36%) today on low volume, notably underperforming the S&P 500 (1.54%). Trading up to $0.25 lower after the open, TEGNA managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (TGNA as at Jun 30, 2020):
Tuesday's trading range has been $0.44 (3.96%), that's slightly below the last trading month's daily average range of $0.52. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TGNA. Prices continued to consolidate within a tight trading range between 10.49 and 11.30 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical support level at 10.78 (S1). The share closed back below the 50-day moving average at 11.17. After having been unable to move above 11.27 in the prior session, the market ran into sellers again around the same price level today, missing to move higher than 11.30. The last time this happened on June 26th, TGNA actually gained 5.17% on the following trading day.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the nearby swing high at 11.60 where further buy stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for TEGNA. Out of 204 times, TGNA closed higher 54.41% 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 three trading days, showing a win rate of 52.94% with an average market move of 0.09%.