FIS pushes through Monday's high
Fidelity National Information Services Inc. (FIS) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FIS ended the month -3.41% lower at 134.09 after gaining $2.92 (2.23%) today, outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 131.79, the stock confirmed its breakout through the previous session high after trading up to $3.08 above it intraday.
Daily Candlestick Chart (FIS as at Jun 30, 2020):
Tuesday's trading range has been $4.17 (3.18%), that's slightly above the last trading month's daily average range of $3.98. 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 FIS.
In spite of a weak opening the share managed to close above the prior day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on June 18th, FIS actually lost -3.54% on the following trading day. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Fidelity National managed to close back above the 100-day moving average at 132.64. After spiking up to 134.87 during the day, the market found resistance at the 200-day moving average at 134.63.
FIS shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 200" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Fidelity National. Out of 6 times, FIS closed higher 66.67% 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 66.67% with an average market move of 1.41%.