AIZ pushes through Monday's high
Assurant Inc. (AIZ) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AIZ ended the month 0.69% higher at 103.29 after gaining $2.69 (2.67%) today, notably 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 101.32, the market confirmed its breakout through the prior session high after trading up to $2.56 above it intraday.
Daily Candlestick Chart (AIZ as at Jun 30, 2020):
Tuesday's trading range has been $3.86 (3.86%), that's slightly above the last trading month's daily average range of $3.50. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AIZ.
Even with a weak opening the stock managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Bullish Belt-hold and the White Candle which are both known as bullish patterns. The last time a Bullish Belt-hold showed up on June 15th, AIZ gained 1.31% on the following trading day.
After spiking up to 103.88 during the day, the share found resistance at the 50-day moving average at 103.33.
Assurant shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Belt-hold" stand out. Its common bullish interpretation has been confirmed for Assurant. Out of 16 times, AIZ closed higher 62.50% 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 62.50% with an average market move of 0.98%.