YNDX closes higher for the 3rd day in a row
Yandex N.V. (YNDX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, YNDX finished Thursday at 34.82 gaining $1.40 (4.19%), significantly underperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 34.45, the share confirmed its breakout through the previous session high after trading up to $0.43 above it intraday.
Daily Candlestick Chart (YNDX as at Mar 26, 2020):
Thursday's trading range has been $1.93 (5.84%), that's slightly below the last trading month's daily average range of $2.07. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for YNDX.
One bullish candlestick pattern matches today's price action, the White Candle.
After spiking up to 34.88 during the day, the stock found resistance at the 20-day moving average at 34.85. The last time this happened on February 20th, YNDX lost -4.56% on the following trading day.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. Its common bearish interpretation has been confirmed for Yandex N. V.. Out of 45 times, YNDX closed lower 57.78% 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 53.33% with an average market move of -1.96%.