TGNA closes within prior day's range
TEGNA Inc (TGNA) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, TGNA ended the month 5.75% higher at 11.78 after losing $0.22 (-1.83%) today, significantly underperforming the S&P 500 (0.77%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (TGNA as at Jul 31, 2020):
Friday's trading range has been $0.44 (3.7%), that's slightly below the last trading month's daily average range of $0.47. 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 TGNA.
Prices are trading close to the key technical resistance level at 12.01 (R1).
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the nearby swing high at 12.13 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 11.28 where further sell stops could get activated. As prices are trading close to July's high at 12.38, upside momentum might accelerate should the share mark new highs for the month.
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 bullish for TEGNA. Out of 740 times, TGNA closed higher 49.46% 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 49.46% with an average market move of 0.86%.