FISV breaks back above 100-day moving average
Fiserv Inc. (FISV) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, FISV ended Wednesday at 102.26 gaining $1.67 (1.66%) on high volume, significantly outperforming the Nasdaq 100 (-1.67%). Closing above Tuesday's high at 101.41, the share confirmed its breakout through the prior session high after trading up to $1.94 above it intraday.
Daily Candlestick Chart (FISV as at Sep 16, 2020):
Wednesday's trading range has been $2.48 (2.45%), that's slightly below the last trading month's daily average range of $2.92. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FISV.
Fiserv managed to close back above the 100-day moving average at 100.90 for the first time since September 2nd. When this moving average was crossed above the last time on September 2nd, FISV actually lost -2.40% on the following trading day. Prices are trading close to the key technical resistance level at 103.63 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying could move prices higher should the market test August's nearby high at 104.40.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Fiserv. Out of 433 times, FISV closed higher 53.81% 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 59.12% with an average market move of 0.77%.