BEN dominated by bulls lifting the market higher throughout the day
Franklin Resources Inc. (BEN) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BEN ended Thursday at 18.22 gaining $1.43 (8.52%) on low volume, notably outperforming 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 17.91, the share confirmed its breakout through the prior session high after trading up to $0.36 above it intraday.
Daily Candlestick Chart (BEN as at Mar 26, 2020):
Thursday's trading range has been $1.72 (10.18%), that's slightly below the last trading month's daily average range of $1.73. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BEN.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 17th, BEN actually lost -1.79% on the following trading day.
Prices are trading close to the key technical resistance level at 18.38 (R1).
Although the market 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 seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Franklin Resources. Out of 420 times, BEN closed higher 50.95% 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 three trading days, showing a win rate of 54.76% with an average market move of 0.05%.