FAANG Stocks Overview for Jul 31, 2020
FAANG Stocks Technical Analysis Market Overview Report for Jul 31, 2020 | by Techniquant Editorial Team
With four out of the five FAANG Stocks closing higher today, the ones that stand out on the positive side are AAPL gaining 10.47% and FB closing 8.17% higher. On the flipside the worst performer has been GOOGL closing -3.28% lower.
One of today's most interesting market conditions in the FAANG Stocks showed up in GOOGL: Among the nine 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 Alphabet. Out of 144 times, GOOGL closed higher 51.39% 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 59.03% with an average market move of 0.72%. Read more