GPN breaks back above 100-day moving average
Global Payments Inc. (GPN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, GPN ended the month -5.5% lower at 169.62 after gaining $3.05 (1.83%) today, slightly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 166.83, the market confirmed its breakout through the prior session high after trading up to $3.85 above it intraday.
Daily Candlestick Chart (GPN as at Jun 30, 2020):
Tuesday's trading range has been $5.38 (3.24%), that's slightly below the last trading month's daily average range of $5.93. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for GPN.
One bullish candlestick pattern matches today's price action, the White Candle.
Global Payments managed to close back above the 100-day moving average at 169.38 for the first time since June 23rd. When this moving average was crossed above the last time on May 18th, GPN actually lost -0.11% on the following trading day. Prices are trading close to the key technical resistance level at 173.00 (R1).
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Global Payments. Out of 340 times, GPN closed higher 56.18% 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 63.24% with an average market move of 0.82%.