FOSL closes higher for the 2nd day in a row
Fossil Group Inc. (FOSL) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FOSL finished the month 52.46% higher at 4.65 after gaining $0.18 (4.03%) today, strongly outperforming the S&P 500 (1.54%). Closing above Monday's high at 4.52, Fossil Group confirmed its breakout through the prior session high after trading up to $0.16 above it intraday.
Daily Candlestick Chart (FOSL as at Jun 30, 2020):
Tuesday's trading range has been $0.37 (8.35%), that's below the last trading month's daily average range of $0.72. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for FOSL.
One bullish candlestick pattern matches today's price action, the White Candle.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could speed up should prices move above the close-by swing high at 5.20 where further buy stops might get activated.
Among the six 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 Fossil Group. Out of 484 times, FOSL closed higher 51.03% 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 three trading days, showing a win rate of 50.62% with an average market move of 0.24%.