EFX dominated by bulls lifting the market higher throughout the day
Equifax Inc. (EFX) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
EFX finished the week 2.55% higher at 96.65 after edging lower $0.01 (-0.01%) today on low volume, performing in line with the S&P 500 (-0.01%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (EFX as at Jan 11, 2019):
Friday's trading range has been $0.75 (0.78%), that's far below the last trading month's daily average range of $2.46. 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 EFX.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
After having been unable to move above 96.90 in the previous session, the stock ran into sellers again around the same price level today, missing to move higher than 96.66. The last time this happened on Tuesday, EFX actually gained 1.71% on the following trading day.
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 96.90 where further buy stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Short Candle" stand out. Its common bullish interpretation has been confirmed for Equifax. Out of 69 times, EFX closed higher 55.07% 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 63.77% with an average market move of 1.38%.