FIS closes higher for the 3rd day in a row


Fidelity National Information Services Inc. (FIS) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

FIS closes above its opening price after recovering from early selling pressure
FIS finds buyers at key support level
FIS closes higher for the 3rd day in a row
FIS runs into sellers again around 124.30
FIS closes within previous day's range after lackluster session

Overview

Moving higher for the 3rd day in a row, FIS ended Thursday at 123.64 gaining $3.27 (2.72%), notably underperforming the S&P 500 (6.24%). Trading up to $3.42 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (FIS as at Mar 26, 2020):

Daily technical analysis candlestick chart for Fidelity National Information Services Inc. (FIS) as at Mar 26, 2020

Thursday's trading range has been $5.96 (4.89%), that's far below the last trading month's daily average range of $9.04. 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 strongly higher than usual for FIS.

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

After trading down to 118.34 earlier during the day, the stock bounced off the key technical support level at 118.40 (S1). The failure to close below the support might increase that levels significance as support going forward. Prices are trading close to the key technical resistance level at 130.73 (R1). After having been unable to move above 124.74 in the previous session, Fidelity National ran into sellers again around the same price level today, missing to move higher than 124.30. The last time this happened on March 20th, FIS lost -0.36% on the following trading day.

Though the share is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Buying might accelerate should prices move above the nearby swing high at 124.74 where further buy stops could get triggered.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Fidelity National. Out of 481 times, FIS closed higher 58.00% 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 62.99% with an average market move of 0.89%.


Market Conditions for FIS as at Mar 26, 2020

Loading Market Conditions for FIS (Fidelity National Information Services Inc.)...
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