IVZ pushes through Wednesday's high
Invesco Ltd (IVZ) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IVZ ended Thursday at 9.81 gaining $0.83 (9.24%), notably outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 9.46, Invesco Ltd confirmed its breakout through the prior session high after trading up to $0.54 above it intraday.
Daily Candlestick Chart (IVZ as at Mar 26, 2020):
Thursday's trading range has been $1.08 (11.93%), that's slightly below the last trading month's daily average range of $1.19. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IVZ.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 17th, IVZ actually lost -3.44% on the following trading day.
Although the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Invesco Ltd. Out of 150 times, IVZ closed lower 52.67% of the time on the next trading day after the market condition occurred.