IVZ snaps to lowest close since June 26th
Invesco Ltd (IVZ) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, IVZ finished the month -6.69% lower at 10.04 after edging lower $0.06 (-0.59%) today on high volume, notably underperforming the S&P 500 (0.77%). Today's close at 10.04 marks the lowest recorded closing price since June 26th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (IVZ as at Jul 31, 2020):
Friday's trading range has been $0.27 (2.68%), that's far below the last trading month's daily average range of $0.43. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above 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 Takuri Line. The last time a Takuri Line showed up on April 27th, IVZ gained 7.04% on the following trading day.
Prices are trading close to the key technical resistance level at 10.29 (R1).
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Takuri Line" stand out. Its common bullish interpretation has been confirmed for Invesco Ltd. Out of 46 times, IVZ closed higher 69.57% of the time on the next trading day after the market condition occurred.