CFX closes lower for the 2nd day in a row
Colfax Corporation (CFX) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, CFX finished the month 4.23% higher at 29.08 after losing $0.84 (-2.81%) today on high volume, strongly underperforming the S&P 500 (0.77%).
Daily Candlestick Chart (CFX as at Jul 31, 2020):
Friday's trading range has been $1.43 (4.8%), that's far above the last trading month's daily average range of $0.95. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CFX.
After trading as low as 28.36 during the day, the share found support at the 50-day moving average at 29.07. The last time this happened on July 9th, CFX gained 0.90% on the following trading day.
While the market is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 50" stand out. Its common bullish interpretation has been confirmed for Colfax. Out of 51 times, CFX closed higher 56.86% 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 66.67% with an average market move of 1.26%.