YY finds buyers again around 51.00
YY Inc. (YY) Technical Analysis Report for Aug 13, 2019 | by Techniquant Editorial Team
YY finished Tuesday at 53.64 gaining $1.87 (3.61%) on high volume, notably outperforming the S&P 500 (1.51%). Closing above Monday's high at 52.97, the market confirmed its breakout through the previous session high after trading up to $1.03 above it intraday.
Daily Candlestick Chart (YY as at Aug 13, 2019):
Tuesday's trading range has been $3.00 (5.78%), that's far above the last trading month's daily average range of $2.11. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for YY.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Additionally, two candlestick patterns are matching today's price action, the Morning Doji Star and the White Candle which are both known as bullish patterns.
After having been unable to move lower than 51.06 in the prior session, the share found buyers again around the same price level today at 51.00. The last time this happened on August 8th, YY actually lost -5.68% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for YY. Out of 401 times, YY closed higher 52.37% 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 57.36% with an average market move of 1.63%.