EEFT closes within prior day's range
Euronet Worldwide Inc. (EEFT) Technical Analysis Report for Jan 23, 2020 | by Techniquant Editorial Team
EEFT finished Thursday at 166.66 losing $0.59 (-0.35%), slightly underperforming the S&P 500 (0.11%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (EEFT as at Jan 23, 2020):
Thursday's trading range has been $2.43 (1.45%), that's slightly above the last trading month's daily average range of $2.42. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EEFT.
After having been unable to move above 167.40 in the prior session, Euronet Worldwide ran into sellers again around the same price level today, failing to move higher than 167.64.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 161.00. The last time this happened on January 14th, EEFT actually gained 0.55% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
2019's high at 171.25 is within reach and we might see further upside momentum should the stock manage to break out beyond.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Euronet Worldwide. Out of 586 times, EEFT closed higher 54.78% 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 58.87% with an average market move of 1.22%.