FNB runs into sellers again around 7.24
F.N.B. Corporation (FNB) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
FNB ended the week 10.9% higher at 7.02 after edging lower $0.14 (-1.96%) today, significantly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing below Thursday's low at 7.11, the market confirmed its breakout through the previous session low after trading up to $0.21 below it intraday.
Daily Candlestick Chart (FNB as at May 22, 2020):
Friday's trading range has been $0.34 (4.74%), that's below the last trading month's daily average range of $0.42. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FNB.
Notwithstanding a strong opening F. N. B. closed below the prior day's open and close, forming a bearish Engulfing Candle.
After having been unable to move above 7.30 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 7.24. The last time this happened on April 24th, FNB actually gained 7.22% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 7.30 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 6.68 where further sell stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for F. N. B.. Out of 374 times, FNB closed higher 58.29% 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 55.61% with an average market move of 0.79%.