FAF drops to lowest close since August 2nd


First American Corp (FAF) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
FAF bounces off lows recouping most intraday losses
FAF closes above its opening price after recovering from early selling pressure
FAF unable to break through key resistance level
FAF closes lower for the 4th day in a row
FAF falls to lowest close since August 2nd
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
Overview

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 chart for FAF
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Conclusion

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

Market Conditions for First American Corp
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Break through SMA 200 TQ Pro Members Only
Black Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

FAF tumbles -1.67% closing $0.94 lower

Aug 15, 2018
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