ALL closes higher for the 2nd day in a row
Allstate Corporation (ALL) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ALL finished the month -0.84% lower at 96.99 after gaining $1.55 (1.62%) today, slightly outperforming the S&P 500 (1.54%). Closing above Monday's high at 95.88, the market confirmed its breakout through the prior session high after trading up to $1.80 above it intraday.
Daily Candlestick Chart (ALL as at Jun 30, 2020):
Tuesday's trading range has been $2.27 (2.38%), that's below the last trading month's daily average range of $2.91. 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 ALL.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, ALL actually lost -1.30% 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 99.28 where further buy stops could get activated. As prices are trading close to June's low at 92.70, downside momentum might accelerate should Allstate mark new lows for the month.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Allstate. Out of 339 times, ALL closed higher 51.92% 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 58.70% with an average market move of 0.63%.