TSG pushes through Monday's high
The Stars Group Inc. (TSG) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
TSG ended Tuesday at 19.54 gaining $0.50 (2.63%), strongly outperforming the S&P 500 (0.05%). Today's close at 19.54 marks the highest recorded closing price since December 3, 2018. Closing above Monday's high at 19.16, the stock confirmed its breakout through the previous session high after trading up to $0.46 above it intraday.
Daily Candlestick Chart (TSG as at Apr 16, 2019):
Tuesday's trading range has been $0.59 (3.08%), that's slightly below the last trading month's daily average range of $0.61. 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 TSG.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a White Candle showed up on April 5th, TSG actually lost -1.01% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for The Stars. Out of 396 times, TSG closed higher 52.78% 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 57.07% with an average market move of 2.81%.