FLEX closes below its opening price unable to hold early session gains


Flex Ltd. (FLEX) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team

Highlights

FLEX closes below its opening price unable to hold early session gains
FLEX closes higher for the 3rd day in a row
FLEX ends the day indecisive

Overview

Moving higher for the 3rd day in a row, FLEX finished Wednesday at 11.15 gaining $0.09 (0.81%), significantly outperforming the S&P 500 (-0.46%). Trading $0.12 higher after the open, Flex Ltd. was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on September 3rd, FLEX lost -2.64% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (FLEX as at Sep 16, 2020):

Daily technical analysis candlestick chart for Flex Ltd. (FLEX) as at Sep 16, 2020

Wednesday's trading range has been $0.18 (1.61%), that's far below the last trading month's daily average range of $0.36. 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 FLEX.

One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.

Prices are trading close to the key technical support level at 11.04 (S1). Prices are trading close to the key technical resistance level at 11.39 (R1).

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

As prices are trading close to September's high at 11.39, upside momentum might accelerate should the market mark new highs for the month.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Flex Ltd.. Out of 139 times, FLEX closed higher 56.83% 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 58.99% with an average market move of 1.43%.


Market Conditions for FLEX as at Sep 16, 2020

Loading Market Conditions for FLEX (Flex Ltd.)...
Latest Report:

FLEX ends the day indecisive

Sep 18, 2020
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Flex Ltd. traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!