AIZ breaks above 20-day moving average for the first time since February 24th
Assurant Inc. (AIZ) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, AIZ finished Thursday at 105.35 gaining $5.71 (5.73%) on low volume, underperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 103.58, the stock confirmed its breakout through the prior session high after trading up to $2.47 above it intraday.
Daily Candlestick Chart (AIZ as at Mar 26, 2020):
Thursday's trading range has been $7.18 (7.24%), that's slightly below the last trading month's daily average range of $8.06. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for AIZ.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 20th, AIZ gained 2.34% on the following trading day.
The share managed to close above the 20-day moving average at 104.96 for the first time since February 24th.
While Assurant is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for Assurant. Out of 573 times, AIZ closed higher 52.01% 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 61.26% with an average market move of 0.62%.