GNW slips to lowest close since February 29, 2016
Genworth Financial Inc (GNW) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
GNW finished the month -24.26% lower at 2.31 after tanking $0.25 (-9.77%) today on high volume, notably underperforming the S&P 500 (1.54%). Today's close at 2.31 marks the lowest recorded closing price since February 29, 2016.
Daily Candlestick Chart (GNW as at Jun 30, 2020):
Tuesday's trading range has been $0.47 (23.5%), that's far above the last trading month's daily average range of $0.20. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for GNW.
Two candlestick patterns are matching today's price action, the Bullish Hikkake Pattern and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on June 25th, GNW actually lost -5.32% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Down" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Genworth Financial. Out of 63 times, GNW closed higher 58.73% of the time on the next trading day after the market condition occurred.