FTV dominated by bulls lifting the market higher throughout the day
Fortive Corporation (FTV) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
FTV ended the week -1.53% lower at 77.81 after gaining $0.57 (0.74%) today, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (FTV as at Feb 14, 2020):
Friday's trading range has been $0.65 (0.84%), that's far below the last trading month's daily average range of $1.30. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FTV.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. After moving lower in the prior session, the stock managed to close higher but below the previous day's open, forming a bullish Harami Candle. Additionally, two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Prices are trading close to the key technical support level at 77.05 (S1). After having been unable to move lower than 77.05 in the prior session, Fortive found buyers again around the same price level today at 77.22. The last time this happened on February 7th, FTV gained 0.40% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 77.05 where further sell stops could get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Harami Candle" stand out. Its common bullish interpretation has been confirmed for Fortive. Out of 16 times, FTV closed higher 56.25% 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 93.75% with an average market move of 2.03%.