EQH finds buyers again around 26.73
AXA Equitable Holdings Inc. (EQH) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
EQH finished the week 4.75% higher at 26.89 after losing $0.11 (-0.41%) today on low volume, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (EQH as at Feb 14, 2020):
Friday's trading range has been $0.32 (1.19%), that's far below the last trading month's daily average range of $0.49. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for EQH. Prices continued to consolidate within a tight trading range between 26.73 and 27.18 where it has been caught now for the last three trading days.
Prices are trading close to the key technical resistance level at 27.18 (R1). After having been unable to move lower than 26.77 in the prior session, the market found buyers again around the same price level today at 26.73.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 27.18 where further buy stops might get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to previous High" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for AXA Equitable. Out of 88 times, EQH closed higher 55.68% 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 54.55% with an average market move of 0.45%.