FISV closes higher for the 3rd day in a row
Fiserv Inc. (FISV) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, FISV ended Thursday at 97.69 gaining $6.49 (7.12%), notably outperforming the Nasdaq 100 (5.72%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 94.59, the market confirmed its breakout through the previous session high after trading up to $3.76 above it intraday.
Daily Candlestick Chart (FISV as at Mar 26, 2020):
Thursday's trading range has been $7.85 (8.51%), that's slightly above the last trading month's daily average range of $7.27. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for FISV.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, FISV gained 5.25% on the following trading day.
The share managed to close above the 20-day moving average at 97.29 for the first time since February 20th. Unable to break through the key technical resistance level at 98.11 (R1), Fiserv closed below it after spiking up to 98.35 earlier during the day. The failure to close above the resistance might increase that levels importance going forward.
Though the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the eight 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 161 times, FISV closed higher 54.04% 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 61.49% with an average market move of 1.20%.