EFX closes within prior day's range
Equifax Inc. (EFX) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, EFX finished the month -5.42% lower at 162.56 after losing $0.87 (-0.53%) today, significantly underperforming the S&P 500 (0.77%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (EFX as at Jul 31, 2020):
Friday's trading range has been $3.97 (2.42%), that's slightly below the last trading month's daily average range of $4.09. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EFX. Prices continued to consolidate within a tight trading range between 160.46 and 166.06 where it has been caught now for the last three trading days.
Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern and the Last Engulfing Bottom Pattern which are both known as bullish patterns.
After having been unable to move above 164.63 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 164.43. The last time this happened on Wednesday, EFX lost -1.33% on the following trading day.
While the share is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
As prices are trading close to July's low at 160.34, downside momentum might accelerate should Equifax mark new lows for the month.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Hikkake Pattern" stand out. Its common bullish interpretation has been confirmed for Equifax. Out of 86 times, EFX closed higher 62.79% 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 69.77% with an average market move of 1.08%.