FBHS closes higher for the 2nd day in a row
Fortune Brands Home & Security Inc. (FBHS) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FBHS ended the month 4.87% higher at 63.93 after gaining $1.05 (1.67%) today, slightly outperforming the S&P 500 (1.54%). Today's close at 63.93 marks the highest recorded closing price since June 8th. Closing above Monday's high at 63.03, the stock confirmed its breakout through the prior session high after trading up to $1.37 above it intraday.
Daily Candlestick Chart (FBHS as at Jun 30, 2020):
Tuesday's trading range has been $1.69 (2.69%), that's below the last trading month's daily average range of $2.47. 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.
One bullish candlestick pattern matches today's price action, the White Candle.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
As prices are trading close to June's high at 67.97, upside momentum might accelerate should Fortune Brands mark new highs for the month.
Among the four 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 Fortune Brands. Out of 301 times, FBHS closed higher 55.15% 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 59.80% with an average market move of 1.14%.