AIZ closes within previous day's range
Assurant Inc. (AIZ) Technical Analysis Report for Aug 15, 2019 | by Techniquant Editorial Team
AIZ finished Thursday at 121.02 gaining $0.60 (0.5%), slightly outperforming the S&P 500 (0.25%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (AIZ as at Aug 15, 2019):
Thursday's trading range has been $2.23 (1.84%), that's slightly below the last trading month's daily average range of $2.37. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for AIZ. Prices continued to consolidate within a tight trading range between 118.62 and 122.91 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the Northern Doji which is known as bearish pattern and one neutral pattern, the Doji. The last time a Doji showed up on June 12th, AIZ gained 1.02% on the following trading day.
Prices are trading close to the key technical resistance level at 122.91 (R1). After having been unable to move lower than 119.70 in the previous session, the stock found buyers again around the same price level today at 119.51.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 122.91 where further buy stops could get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Assurant. Out of 566 times, AIZ closed higher 54.77% 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 59.54% with an average market move of 0.94%.