EFX closes within prior day's range after lackluster session
Equifax Inc. (EFX) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
EFX ended the week 1.81% higher at 147.03 after edging higher $0.33 (0.22%) today on low volume, slightly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (EFX as at May 22, 2020):
Friday's trading range has been $1.76 (1.2%), that's far below the last trading month's daily average range of $3.54. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower 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. The last time a White Candle showed up on Wednesday, EFX actually lost -1.88% on the following trading day.
After having been unable to move lower than 146.08 in the previous session, the market found buyers again around the same price level today at 146.08.
Although the stock is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Buying might accelerate should prices move above the close-by swing high at 150.98 where further buy stops could get triggered.
Among the four 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 67 times, EFX closed higher 55.22% 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 67.16% with an average market move of 1.77%.