FNB pushes through key technical resistance level
F.N.B. Corporation (FNB) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
FNB ended Thursday at 7.51 gaining $0.79 (11.76%), strongly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 7.33, the stock confirmed its breakout through the prior session high after trading up to $0.25 above it intraday.
Daily Candlestick Chart (FNB as at Mar 26, 2020):
Thursday's trading range has been $0.94 (13.68%), that's slightly below the last trading month's daily average range of $0.99. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for FNB.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 7.49 (now S1), which is likely to act as support going forward. After having been unable to move lower than 6.49 in the previous session, the market found buyers again around the same price level today at 6.64. The last time this happened on March 17th, FNB actually lost -21.13% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for F. N. B.. Out of 280 times, FNB closed lower 53.93% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 49.64% with an average market move of -0.04%.