FBHS closes higher for the 6th day in a row
Fortune Brands Home & Security Inc. (FBHS) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, FBHS finished the week 7.47% higher at 42.86 after gaining $0.28 (0.66%) today, outperforming the S&P 500 (-0.01%). Today's close at 42.86 marks the highest recorded closing price since December 3, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 42.75, the stock confirmed its breakout through the previous session high after trading up to $0.27 above it intraday.
Daily Candlestick Chart (FBHS as at Jan 11, 2019):
Friday's trading range has been $1.03 (2.45%), that's far below the last trading month's daily average range of $1.48. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FBHS.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Fortune Brands. Out of 15 times, FBHS closed higher 60.00% 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 60.00% with an average market move of 0.81%.