ETFC pushes through Friday's high
E*TRADE Financial Corporation (ETFC) Technical Analysis Report for Aug 10, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ETFC ended Monday at 52.61 edging higher $0.20 (0.38%), slightly outperforming the S&P 500 (0.27%). Closing above Friday's high at 52.52, E*TRADE Financial confirmed its breakout through the prior session high after trading up to $0.33 above it intraday.
Daily Candlestick Chart (ETFC as at Aug 10, 2020):
Monday's trading range has been $0.59 (1.13%), that's far below the last trading month's daily average range of $1.13. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ETFC.
Prices are trading close to the key technical resistance level at 53.18 (R1).
Though 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.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for E*TRADE Financial. Out of 331 times, ETFC closed higher 52.57% 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 57.70% with an average market move of 0.83%.