ETFC closes higher for the 3rd day in a row
E*TRADE Financial Corporation (ETFC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ETFC ended Thursday at 35.79 gaining $1.91 (5.64%) on low volume, underperforming the S&P 500 (6.24%). Closing above Wednesday's high at 35.43, the market confirmed its breakout through the prior session high after trading up to $1.48 above it intraday.
Daily Candlestick Chart (ETFC as at Mar 26, 2020):
Thursday's trading range has been $3.64 (10.56%), that's slightly above the last trading month's daily average range of $3.32. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETFC.
After spiking up to 36.91 during the day, E*TRADE Financial found resistance at the 20-day moving average at 36.50. The last time this happened on February 12th, ETFC actually gained 0.65% on the following trading day.
Although the stock is experiencing a short-term uptrend, this might 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 Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for E*TRADE Financial. Out of 175 times, ETFC closed higher 49.71% 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 53.14% with an average market move of 0.19%.