GNW finds buyers again around 2.06
Genworth Financial Inc (GNW) Technical Analysis Report for Jul 10, 2020 | by Techniquant Editorial Team
GNW finished the week -8.33% lower at 2.09 after edging higher $0.02 (0.97%) today, slightly underperforming the S&P 500 (1.05%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (GNW as at Jul 10, 2020):
Friday's trading range has been $0.07 (3.35%), that's far below the last trading month's daily average range of $0.18. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for GNW.
Three candlestick patterns are matching today's price action, the Southern Doji and the Tweezer Bottom which are both known as bullish patterns and one neutral pattern, the Doji.
After having been unable to move lower than 2.06 in the previous session, the stock found buyers again around the same price level today at 2.06. The last time this happened on Monday, GNW actually lost -3.88% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 1.87, downside momentum might accelerate should the market break out to new lows for the year.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Tweezer Bottom" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Genworth Financial. Out of 59 times, GNW closed lower 57.63% of the time on the next trading day after the market condition occurred.