AFL dominated by bulls lifting the market higher throughout the day
AFLAC Incorporated (AFL) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AFL ended the month -1.21% lower at 36.03 after gaining $0.60 (1.69%) today, slightly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 35.64, the share confirmed its breakout through the prior session high after trading up to $0.57 above it intraday.
Daily Candlestick Chart (AFL as at Jun 30, 2020):
Tuesday's trading range has been $1.00 (2.84%), that's below the last trading month's daily average range of $1.33. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AFL. Prices continued to consolidate within a tight trading range between 34.30 and 36.21 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on June 25th, AFL actually lost -3.21% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 37.29 where further buy stops could get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for AFLAC Incorporated. Out of 572 times, AFL closed higher 50.70% 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 60.14% with an average market move of 0.40%.