IVZ dominated by bulls lifting the market higher throughout the day
Invesco Ltd (IVZ) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
IVZ ended Wednesday at 10.89 gaining $0.36 (3.42%), notably outperforming the S&P 500 (-0.46%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 10.75, the market confirmed its breakout through the previous session high after trading up to $0.33 above it intraday.
Daily Candlestick Chart (IVZ as at Sep 16, 2020):
Wednesday's trading range has been $0.60 (5.73%), that's far above the last trading month's daily average range of $0.39. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IVZ.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. The last time this happened on August 21st, IVZ gained 4.54% on the following trading day. Even with a weak opening the stock managed to close above the prior day's open and close, forming a bullish Engulfing Candle. Additionally, two candlestick patterns are matching today's price action, the Bullish Belt-hold and the White Candle which are both known as bullish patterns.
Invesco Ltd managed to close back above the 50-day moving average at 10.55. After having been unable to move lower than 10.49 in the previous session, the share found buyers again around the same price level today at 10.48.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
As prices are trading close to September's high at 11.56, upside momentum could speed up should IVZ mark new highs for the month.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Belt-hold" stand out. Its common bullish interpretation has been confirmed for Invesco Ltd. Out of 7 times, IVZ closed higher 57.14% of the time on the next trading day after the market condition occurred.