ALLY closes higher for the 4th day in a row
Ally Financial Inc. (ALLY) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, ALLY ended Thursday at 17.17 gaining $0.80 (4.89%), notably underperforming the S&P 500 (6.24%). Closing above Wednesday's high at 16.98, the stock confirmed its breakout through the previous session high after trading up to $1.56 above it intraday.
Daily Candlestick Chart (ALLY as at Mar 26, 2020):
Thursday's trading range has been $1.99 (11.75%), that's slightly above the last trading month's daily average range of $1.88. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ALLY.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Shooting Star. The last time a Bullish Spinning Top showed up on March 19th, ALLY actually lost -9.16% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Ally Financial. Out of 62 times, ALLY closed higher 56.45% of the time on the next trading day after the market condition occurred.