FOSL pushes through Thursday's high
Fossil Group Inc. (FOSL) Technical Analysis Report for Oct 11, 2019 | by Techniquant Editorial Team
FOSL finished the week -1.77% lower at 11.12 after gaining $0.52 (4.91%) today, notably outperforming the S&P 500 (1.09%). Closing above Thursday's high at 11.04, the stock confirmed its breakout through the previous session high after trading up to $0.44 above it intraday.
Daily Candlestick Chart (FOSL as at Oct 11, 2019):
Friday's trading range has been $0.65 (6.0%), that's above the last trading month's daily average range of $0.57. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FOSL.
Prices are trading close to the key technical support level at 10.75 (S1). After spiking up to 11.48 during the day, Fossil Group found resistance at the 100-day moving average at 11.17. The last time this happened on August 26th, FOSL actually gained 4.44% on the following trading day.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the close-by swing high at 11.66 where further buy stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 100" stand out. Its common bearish interpretation has been confirmed for Fossil Group. Out of 17 times, FOSL closed lower 58.82% 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 58.82% with an average market move of -0.87%.