LNC closes higher for the 4th day in a row
Lincoln National Corporation (LNC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, LNC ended Thursday at 28.77 gaining $3.68 (14.67%) on high volume, 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 26.86, the market confirmed its breakout through the previous session high after trading up to $2.15 above it intraday.
Daily Candlestick Chart (LNC as at Mar 26, 2020):
Thursday's trading range has been $4.15 (16.14%), that's slightly above the last trading month's daily average range of $3.82. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for LNC.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, LNC gained 9.80% on the following trading day.
Prices are trading close to the key technical resistance level at 30.50 (R1).
While Lincoln National is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Lincoln National. Out of 555 times, LNC closed higher 52.07% 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 59.46% with an average market move of 0.67%.