GPN unable to break through key resistance level
Global Payments Inc. (GPN) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
GPN finished Tuesday at 138.82 gaining $0.51 (0.37%), slightly outperforming the S&P 500 (0.05%). Trading $0.63 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (GPN as at Apr 16, 2019):
Tuesday's trading range has been $1.50 (1.08%), that's slightly below the last trading month's daily average range of $1.80. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for GPN.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
Unable to break through the key technical resistance level at 139.40 (R1), Global Payments closed below it after spiking up to 139.82 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. When prices bounced off a significant resistance level the last time on April 3rd, GPN lost -1.53% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Spinning Top" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Global Payments. Out of 196 times, GPN closed higher 59.18% 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 66.33% with an average market move of 1.38%.