FIS closes higher for the 3rd day in a row
Fidelity National Information Services Inc. (FIS) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, FIS ended Wednesday at 148.67 edging higher $0.17 (0.11%) on low volume, outperforming the S&P 500 (-0.46%). Trading $1.13 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on August 20th, FIS actually gained 0.40% on the following trading day. 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 (FIS as at Sep 16, 2020):
Wednesday's trading range has been $2.22 (1.48%), that's below the last trading month's daily average range of $3.35. 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.
Prices are trading close to the key technical support level at 148.43 (S1).
While Fidelity National is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Fidelity National. Out of 495 times, FIS closed higher 56.36% 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 62.63% with an average market move of 1.11%.