FCN finds buyers around 115.12 for the third day in a row
FTI Consulting Inc. (FCN) Technical Analysis Report for Jan 15, 2020 | by Techniquant Editorial Team
FCN ended Wednesday at 115.81 gaining $0.24 (0.21%), slightly outperforming the S&P 500 (0.19%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (FCN as at Jan 15, 2020):
Wednesday's trading range has been $2.01 (1.74%), that's slightly above the last trading month's daily average range of $1.81. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FCN.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
Prices are trading close to the key technical support level at 114.93 (S1). The share found buyers again today around 115.12 for the third trading day in a row after having found demand at 115.32 in the prior session and at 115.32 two days ago. The last time this happened on November 13, 2019, FCN gained 0.49% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
2019's high at 118.23 is within reach and we could see further upside momentum should the stock manage to break out beyond.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Outside Bar" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for FTI Consulting. Out of 132 times, FCN closed lower 53.79% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 56.06% with an average market move of -0.58%.