EPC finds buyers again around 29.52
Edgewell Personal Care Company (EPC) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, EPC ended Wednesday at 30.04 gaining $0.28 (0.94%), significantly outperforming the S&P 500 (-0.46%). Trading up to $0.31 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (EPC as at Sep 16, 2020):
Wednesday's trading range has been $0.88 (2.95%), that's slightly below the last trading month's daily average range of $1.07. 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 EPC.
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, one bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Edgewell Personal managed to close back above the 50-day moving average at 29.92 for the first time since September 4th. After having been unable to move lower than 29.40 in the previous session, the share found buyers again around the same price level today at 29.52. The last time this happened on Monday, EPC gained 1.19% on the following trading day.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Buying could accelerate should prices move above the close-by swing high at 30.53 where further buy stops might get triggered. Further buying could move prices higher should the market test August's nearby high at 31.50.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Edgewell Personal. Out of 459 times, EPC closed higher 52.94% 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 52.72% with an average market move of -0.06%.