CFG dominated by bulls lifting the market higher throughout the day


Citizens Financial Group Inc. (CFG) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

CFG pushes through key technical resistance level
CFG dominated by bulls lifting the market higher throughout the day
CFG pushes through Wednesday's high

Overview

CFG ended Thursday at 20.72 gaining $3.01 (17.0%), 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 18.70, the market confirmed its breakout through the previous session high after trading up to $2.26 above it intraday.

Daily Candlestick Chart (CFG as at Mar 26, 2020):

Daily technical analysis candlestick chart for Citizens Financial Group Inc. (CFG) as at Mar 26, 2020

Thursday's trading range has been $3.39 (18.91%), that's far above the last trading month's daily average range of $2.30. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CFG.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 19th, CFG gained 0.86% on the following trading day.

Buyers managed to take out the key technical resistance level at 18.48 (now S1), which is likely to act as support going forward.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for Citizens Financial. Out of 137 times, CFG closed higher 54.74% 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 59.12% with an average market move of 0.81%.


Market Conditions for CFG as at Mar 26, 2020

Loading Market Conditions for CFG (Citizens Financial Group Inc.)...
Latest Report:

CFG runs into sellers again around 20.74

Mar 27, 2020
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