TRIP closes lower for the 2nd day in a row
TripAdvisor Inc. (TRIP) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, TRIP ended the month 6.42% higher at 20.23 after losing $0.80 (-3.8%) today, notably underperforming the S&P 500 (0.77%). Closing below Thursday's low at 20.29, the market confirmed its breakout through the prior session low after trading up to $0.49 below it intraday.
Daily Candlestick Chart (TRIP as at Jul 31, 2020):
Friday's trading range has been $1.02 (4.9%), that's above the last trading month's daily average range of $0.82. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TRIP.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on July 24th, TRIP actually gained 4.04% on the following trading day.
After trading as low as 19.80 during the day, the stock found support at the 20-day moving average at 19.93. TripAdvisor closed back below the 50-day moving average at 20.29 for the first time since July 20th.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Support S1" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for TripAdvisor. Out of 186 times, TRIP closed higher 55.38% of the time on the next trading day after the market condition occurred.