FAANG Stocks Overview for Sep 16, 2020
FAANG Stocks Technical Analysis Market Overview Report for Sep 16, 2020 | by Techniquant Editorial Team
With five out of the five FAANG Stocks closing lower today, the ones that stand out on the negative side are FB losing -3.27% and AAPL closing -2.95% lower. None of the markets managed to end the day in the green.
One of today's most interesting market conditions in the FAANG Stocks showed up in NFLX: Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Support S1" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Netflix. Out of 191 times, NFLX closed higher 52.36% 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 62.30% with an average market move of 2.64%. Read more