TXRH still stuck within tight trading range
Texas Roadhouse Inc. (TXRH) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
TXRH ended the week 10.71% higher at 50.35 after edging lower $0.10 (-0.2%) today, slightly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (TXRH as at May 22, 2020):
Friday's trading range has been $1.26 (2.49%), that's far below the last trading month's daily average range of $2.71. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TXRH. Prices continued to consolidate within a tight trading range between 47.00 and 51.00 where it has been caught now for the whole last trading week.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Selling could accelerate should prices move below the close-by swing low at 48.70 where further sell stops might get triggered. Further buying could move prices higher should the market test April's nearby high at 53.19.