TSG closes within prior day's range
The Stars Group Inc. (TSG) Technical Analysis Report for Aug 13, 2019 | by Techniquant Editorial Team
TSG ended Tuesday at 13.43 gaining $0.45 (3.47%), significantly outperforming the S&P 500 (1.51%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (TSG as at Aug 13, 2019):
Tuesday's trading range has been $0.66 (4.96%), that's slightly above the last trading month's daily average range of $0.66. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for TSG.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
With another close below the lower Bollinger Band, prices are confirming their strong downward momentum in the short-term. A rally back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back up towards the center of the Bollinger Bands at 15.59.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close below the lower Bollinger Band" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for The Stars. Out of 84 times, TSG closed higher 51.19% of the time on the next trading day after the market condition occurred.