FTV finds buyers again around 66.82
Fortive Corporation (FTV) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
FTV ended the month 10.95% higher at 67.66 after losing $0.26 (-0.38%) today, significantly underperforming the S&P 500 (1.54%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (FTV as at Jun 30, 2020):
Tuesday's trading range has been $1.32 (1.96%), that's far below the last trading month's daily average range of $2.20. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for FTV. Prices continued to consolidate within a tight trading range between 65.31 and 68.31 where it has been caught now for the whole last trading week.
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.
Prices are trading close to the key technical resistance level at 68.31 (R1). After having been unable to move lower than 66.67 in the prior session, the share found buyers again around the same price level today at 66.82. The last time this happened on June 25th, FTV actually lost -1.91% on the following trading day.
Fortive shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might speed up should prices move above the close-by swing high at 68.31 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 65.31 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Fortive. Out of 241 times, FTV closed higher 51.45% 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 62.24% with an average market move of 0.84%.