FAANG Stocks Overview for May 22, 2020
FAANG Stocks Technical Analysis Market Overview Report for May 22, 2020 | by Techniquant Editorial Team
With three out of the five FAANG Stocks closing higher today, the ones that stand out on the positive side are FB gaining 1.52% and AAPL closing 0.64% higher. On the flipside the worst performers have been NFLX closing -1.59% lower and AMZN losing -0.4%.
One of today's most interesting market conditions in the FAANG Stocks showed up in NFLX: Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 20" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Netflix. Out of 131 times, NFLX closed higher 55.73% 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 61.07% with an average market move of 2.42%. Read more