FCN pushes through Monday's high
FTI Consulting Inc. (FCN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
FCN finished the month -4.91% lower at 114.55 after gaining $2.91 (2.61%) today, notably outperforming the S&P 500 (1.54%). Today's close at 114.55 marks the highest recorded closing price since June 8th. Closing above Monday's high at 113.80, the market confirmed its breakout through the previous session high after trading up to $1.53 above it intraday.
Daily Candlestick Chart (FCN as at Jun 30, 2020):
Tuesday's trading range has been $3.61 (3.22%), that's below the last trading month's daily average range of $4.74. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FCN.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 26th, FCN actually lost -0.73% on the following trading day.
Prices are trading close to the key technical resistance level at 115.37 (R1).
Though the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for FTI Consulting. Out of 291 times, FCN closed higher 53.61% 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 53.61% with an average market move of 0.24%.