FTV closes lower for the 2nd day in a row
Fortive Corporation (FTV) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, FTV ended Wednesday at 76.90 losing $0.30 (-0.39%), but still slightly outperforming the S&P 500 (-0.46%). Trading $0.62 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Tuesday's low at 76.95, Fortive confirmed its breakout through the prior session low after trading up to $0.43 below it intraday.
Daily Candlestick Chart (FTV as at Sep 16, 2020):
Wednesday's trading range has been $1.57 (2.03%), that's slightly below the last trading month's daily average range of $1.60. 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.
The trend is clearly bullish, showing an intact uptrend 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 "2 Consecutive Lower Closes" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Fortive. Out of 129 times, FTV closed higher 58.14% 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 56.59% with an average market move of 1.05%.