FTV closes above its opening price after recovering from early selling pressure
Fortive Corporation (FTV) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
FTV finished Thursday at 51.67 gaining $1.78 (3.57%), notably underperforming the S&P 500 (6.24%). Trading up to $1.47 lower after the open, Fortive managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (FTV as at Mar 26, 2020):
Thursday's trading range has been $3.18 (6.27%), that's slightly below the last trading month's daily average range of $4.24. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for FTV.
After having been unable to move above 51.95 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 52.44. The last time this happened on March 20th, FTV lost -7.83% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for Fortive. Out of 189 times, FTV closed higher 58.20% 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 58.20% with an average market move of 0.24%.