FAANG Stocks Overview for Oct 16, 2020
FAANG Stocks Technical Analysis Market Overview Report for Oct 16, 2020 | by Techniquant Editorial Team
With four out of the five FAANG Stocks closing lower today, the ones that stand out on the negative side are NFLX losing -2.06% and AMZN closing -1.98% lower. On the flipside the best performer has been GOOGL closing 0.79% higher.
One of today's most interesting market conditions in the FAANG Stocks showed up in AMZN: Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Amazon. com. Out of 143 times, AMZN closed higher 57.34% 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 62.94% with an average market move of 2.33%. Read more