TGNA breaks back above 20-day moving average
TEGNA Inc (TGNA) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
TGNA finished Wednesday at 12.59 gaining $0.27 (2.19%) on high volume, notably outperforming the S&P 500 (-0.46%). Closing above Tuesday's high at 12.54, TEGNA confirmed its breakout through the prior session high after trading up to $0.13 above it intraday.
Daily Candlestick Chart (TGNA as at Sep 16, 2020):
Wednesday's trading range has been $0.30 (2.42%), that's below the last trading month's daily average range of $0.40. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TGNA.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
The share managed to close back above the 20-day moving average at 12.40 for the first time since September 2nd. Unable to break through the key technical resistance level at 12.65 (R1), the market closed below it after spiking up to 12.67 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on September 11th, TGNA actually gained 4.31% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying could move prices higher should the market test August's nearby high at 12.97.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for TEGNA. Out of 72 times, TGNA closed higher 54.17% 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 54.17% with an average market move of 0.65%.