FISV breaks back above 20-day moving average
Fiserv Inc. (FISV) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FISV ended the week 0.38% higher at 122.32 after gaining $1.26 (1.04%) today, outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. The bulls were in full control today, moving the market higher throughout the whole session. 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 (FISV as at Feb 14, 2020):
Friday's trading range has been $1.52 (1.25%), that's below the last trading month's daily average range of $2.26. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FISV.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
The share managed to close back above the 20-day moving average at 121.17. When this moving average was crossed above the last time on February 3rd, FISV gained 1.60% on the following trading day. After having been unable to move above 122.34 in the prior session, Fiserv ran into sellers again around the same price level today, missing to move higher than 122.36.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 125.05, upside momentum might accelerate should the market be able to break out to new highs for the year.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Fiserv. Out of 160 times, FISV closed higher 54.38% 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 61.25% with an average market move of 1.25%.