CFG pushes through Friday's high
Citizens Financial Group Inc. (CFG) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
CFG finished Monday at 24.73 gaining $0.63 (2.61%) on low volume, notably outperforming the S&P 500 (0.38%). Closing above Friday's high at 24.58, the share confirmed its breakout through the prior session high after trading up to $0.47 above it intraday.
Daily Candlestick Chart (CFG as at Jun 01, 2020):
Monday's trading range has been $0.90 (3.69%), that's below the last trading month's daily average range of $1.16. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CFG.
Prices are trading close to the key technical support level at 23.74 (S1).
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the nearby swing high at 26.18 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 23.74 where further sell stops could get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Citizens Financial. Out of 452 times, CFG closed higher 51.99% 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 57.30% with an average market move of 0.54%.