EFX dominated by bulls lifting the market higher throughout the day
Equifax Inc. (EFX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, EFX ended Thursday at 121.65 gaining $5.93 (5.12%) on low volume, strongly underperforming 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 119.47, Equifax confirmed its breakout through the previous session high after trading up to $2.74 above it intraday.
Daily Candlestick Chart (EFX as at Mar 26, 2020):
Thursday's trading range has been $5.18 (4.41%), that's far below the last trading month's daily average range of $9.44. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for EFX.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Buyers managed to take out the key technical resistance level at 120.68 (now S1), which is likely to act as support going forward. The last time this happened on March 10th, EFX actually lost -4.83% on the following trading day. Prices are trading close to the key technical resistance level at 129.44 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the nine 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 64 times, EFX closed higher 56.25% 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 65.63% with an average market move of 1.48%.