FIS finds buyers at key support level
Fidelity National Information Services Inc. (FIS) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, FIS ended the month 9.11% higher at 146.31 after gaining $1.11 (0.76%) today, slightly underperforming the S&P 500 (0.77%). Today's close at 146.31 marks the highest recorded closing price since March 4th. Closing above Thursday's high at 145.52, the market confirmed its breakout through the prior session high after trading up to $0.88 above it intraday.
Daily Candlestick Chart (FIS as at Jul 31, 2020):
Friday's trading range has been $2.21 (1.53%), that's below the last trading month's daily average range of $2.73. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FIS.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading down to 144.19 earlier during the day, the share bounced off the key technical support level at 144.73 (S1). The failure to close below the support might increase that levels significance as support going forward. When prices bounced off a significant support level the last time on July 20th, FIS gained 1.31% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six 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 477 times, FIS closed higher 58.70% 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 64.57% with an average market move of 0.98%.