TUP misses to close above 20-day moving average
Tupperware Brands Corporation (TUP) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, TUP finished Thursday at 1.91 gaining $0.08 (4.37%), strongly underperforming the S&P 500 (6.24%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (TUP as at Mar 26, 2020):
Thursday's trading range has been $0.26 (14.36%), that's below the last trading month's daily average range of $0.40. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for TUP.
After spiking up to 2.07 during the day, Tupperware Brands found resistance at the 20-day moving average at 2.03. The last time this happened on February 20th, TUP lost -4.80% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Tupperware Brands. Out of 163 times, TUP closed lower 60.12% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 53.37% with an average market move of -1.24%.