FHN closes within prior day's range after lackluster session
First Horizon National Corporation (FHN) Technical Analysis Report for Nov 08, 2019 | by Techniquant Editorial Team
FHN finished the week 4.48% higher at 17.04 after gaining $0.11 (0.65%) today, slightly outperforming the S&P 500 (0.26%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (FHN as at Nov 08, 2019):
Friday's trading range has been $0.23 (1.36%), that's below the last trading month's daily average range of $0.33. 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 significantly higher than usual for FHN.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, FHN gained 2.61% on the following trading day.
After having been unable to move lower than 16.86 in the prior session, the stock found buyers again around the same price level today at 16.85.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 17.39 where further buy stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for First Horizon. Out of 516 times, FHN closed higher 49.61% 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 54.65% with an average market move of 0.34%.