IVZ closes lower for the 2nd day in a row
Invesco Ltd (IVZ) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, IVZ finished the week 8.51% higher at 7.27 after losing $0.08 (-1.09%) today on low volume, significantly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing below Thursday's low at 7.31, the stock confirmed its breakout through the prior session low after trading up to $0.20 below it intraday.
Daily Candlestick Chart (IVZ as at May 22, 2020):
Friday's trading range has been $0.29 (3.94%), that's below the last trading month's daily average range of $0.42. 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.
Prices are trading close to the key technical resistance level at 7.52 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 7.58 where further buy stops could get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed below last periods low" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Invesco Ltd. Out of 364 times, IVZ closed higher 53.30% 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 58.79% with an average market move of 0.44%.