Breaking Down: Six Flags Entertainment Corporation New (NYSE:SIX) Stock Drop Below Support -- Technicals Hit Extreme Weakness
(SIX Price of Stock at Publication: $53.89)
Breaking Down: Six Flags Entertainment Corporation New (NYSE:SIX) has hit extreme technical weakness -- watch the stochastics and technical oscillators for any kind of momentum signals if you are looking for a turnaround.
The company has broken down to a one bull momentum rating -- that is extreme weakness and through technical support. It may be tempting to view the price as over sold, making this a potential entry for a long position, but as of this moment, the stock price is moving sharply lower, it has cut through technical support and the bears are leading the charge until the stock can find a bid.
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SIX is down -12.3% over the last three months and down -12.6% over the last six months. The stock price is up +7.6% over the last year. The current stock price is $53.89.
SIX Stock Returns
If you're looking for the simplest version of this, here it is -- when the short-term moving averages are above the long-term moving averages that indicates relative strength in the technical. Then see the current price relative to the highest moving average and you will have a "back of the envelope" technical indicator in your back pocket for any stock at any time.
The blending and weighting of numbers above created the technical model built by Capital Market Laboratories (www.CMLviz.com). Note the stock price at publication ($53.89), since the technical rating is based on intraday stock prices.
Technicals | Support: 53.8 | Resistance: 55.37
Death Cross Alert: The 50 day moving average is now below the 200 day moving average.
As we noted above -- the back of the envelope rule here is that when shorter-term moving averages move below the longer-term ones, momentum is weakening. We have that right now.
Swing Death Cross Alert: The short-term 10 day moving average is now below the 50 day moving average.
Recall that when we see the shortest-term moving average (10-day in this case) fall below any other moving average (50-day in this case), it indicates weakening momentum.
Six Flags Entertainment Corporation New has a one bull (extreme weakness) technical rating because it's trading below the 10 day, 50 day and 200 day simple moving averages while the 10-day moving average is below the 50-day moving average and the 50-day moving average is below the 200-day moving average. The stock is down -1.57% on the day.
We now turn to the actual numbers driving this rating:
Six Flags Entertainment Corporation New (NYSE:SIX) rating statistics:
10-day moving average: $54.48
50-day moving average: $57.57
200-day moving average: $59.11