GPN runs into sellers again around 155.85
Global Payments Inc. (GPN) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, GPN finished Thursday at 152.87 gaining $6.17 (4.21%), strongly underperforming the S&P 500 (6.24%). Trading up to $4.44 lower after the open, Global Payments managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on March 17th, GPN actually lost -8.96% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (GPN as at Mar 26, 2020):
Thursday's trading range has been $10.78 (7.21%), that's below the last trading month's daily average range of $13.56. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for GPN.
Buyers managed to take out the key technical resistance level at 151.73 (now S1), which is likely to act as support going forward. After having been unable to move above 154.17 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 155.85.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Global Payments. Out of 187 times, GPN closed higher 53.48% 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 64.71% with an average market move of 0.92%.