GNW closes within previous day's range
Genworth Financial Inc (GNW) Technical Analysis Report for Apr 01, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, GNW finished Wednesday at 3.05 losing $0.27 (-8.13%), significantly underperforming the S&P 500 (-4.41%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (GNW as at Apr 01, 2020):
Wednesday's trading range has been $0.37 (12.76%), that's slightly below the last trading month's daily average range of $0.49. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for GNW.
Prices are trading close to the key technical support level at 2.87 (S1). Prices are trading close to the key technical resistance level at 3.40 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the two 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 Genworth Financial. Out of 315 times, GNW closed higher 52.70% 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 two trading days, showing a win rate of 52.38% with an average market move of 0.14%.