FAF drops to lowest close since August 2nd
First American Corporation (FAF) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, FAF finished the week -0.33% lower at 56.84 after losing $0.07 (-0.12%) today on low volume. Today's closing price of 56.84 marks the lowest close since August 2nd. Trading up to $0.71 lower after the open, the market 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 failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (FAF as at Aug 10, 2018):
Friday's trading range was $1.06 (1.87%), that's above last trading month's daily average range of $0.85. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Though trading as low as 55.96 during the day, First American has decisively rejected those price levels and formed a bullish Pin Bar closing $0.88 above today's low.
Unable to break through the key technical resistance level at 56.97, the share closed below it after spiking as high as 57.02 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.