FIS closes lower for the 2nd day in a row
Fidelity National Information Services Inc. (FIS) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, FIS ended the week 2.98% higher at 136.16 after edging lower $0.34 (-0.25%) today on low volume, slightly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. 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 May 22, 2020):
Friday's trading range has been $1.75 (1.28%), that's far below the last trading month's daily average range of $3.93. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FIS.
After having been unable to move lower than 135.57 in the prior session, Fidelity National found buyers again around the same price level today at 135.27. The last time this happened on Tuesday, FIS gained 1.97% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could speed up should prices move above the close-by swing high at 139.83 where further buy stops might get activated.
Among the three 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 Fidelity National. Out of 543 times, FIS closed higher 56.17% 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 64.09% with an average market move of 0.77%.