INT drops to lowest close since July 25th
World Fuel Services Corporation (INT) Technical Analysis Report for Aug 15, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, INT ended Thursday at 36.23 losing $0.76 (-2.05%), notably underperforming the S&P 500 (0.25%). Today's close at 36.23 marks the lowest recorded closing price since July 25th. Closing below Wednesday's low at 36.47, the stock confirmed its breakout through the prior session low after trading up to $0.66 below it intraday.
Daily Candlestick Chart (INT as at Aug 15, 2019):
Thursday's trading range has been $1.20 (3.24%), that's slightly below the last trading month's daily average range of $1.27. 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 INT.
One bearish candlestick pattern matches today's price action, the Black Candle.
After trading as low as 35.81 during the day, the share found support at the 50-day moving average at 35.84. The last time this happened on May 22nd, INT actually lost -2.48% on the following trading day.
Although the market is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Further selling could move prices lower should the market test July's close-by low at 35.19.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 50" stand out. Its common bullish interpretation has been confirmed for World Fuel. Out of 35 times, INT closed higher 57.14% 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 two trading days, showing a win rate of 65.71% with an average market move of 0.24%.