ETFC pushes through key resistance level

E*Trade (ETFC) Technical Analysis Report for Apr 16, 2018

Highlights

ETFC pushes through key resistance level
ETFC still stuck within tight trading range
ETFC closes within previous day's range after lackluster session
ETFC ends the day indecisive

TQ Sentiment

Report Sentiment: 25% Bullish
Technical Forecast:

Overview

ETFC finished Monday at 57.59 gaining $0.63 (1.11%) on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for ETFC

Volatility

Monday's trading range was $0.84 (1.47%), that's far below last trading month's daily average range of $1.70. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 56.33 and 58.39 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, the market managed to close higher but below the previous day's open, forming a bullish Harami Candle.

Support/Resistance

Breaking through the key resistance level at 57.55 today, it is now likely to act as support going forward.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might speed up should prices move above the close-by swing high at 58.39 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 56.60 where further sell stops could get activated. With prices trading close to this year's high at 58.49, upside momentum might speed up should the share be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

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