EPC closes higher for the 3rd day in a row
Edgewell Personal Care Company (EPC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, EPC ended Thursday at 25.75 edging higher $0.47 (1.86%) on low volume, significantly underperforming the S&P 500 (6.24%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (EPC as at Mar 26, 2020):
Thursday's trading range has been $2.50 (9.81%), that's below the last trading month's daily average range of $3.78. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for EPC.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
After trading down to 24.91 earlier during the day, the stock bounced off the key technical support level at 25.43 (S1). The failure to close below the support might increase that levels significance as support going forward. When prices bounced off a significant support level the last time on March 20th, EPC actually lost -14.22% on the following trading day. Prices are trading close to the key technical resistance level at 27.88 (R1).
Though the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Edgewell Personal. Out of 413 times, EPC closed higher 54.24% 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 53.03% with an average market move of 0.04%.