LNC dominated by bulls lifting the market higher throughout the day
Lincoln National Corporation (LNC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, LNC ended the month -3.01% lower at 36.79 after gaining $1.05 (2.94%) today, significantly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 35.80, the market confirmed its breakout through the prior session high after trading up to $1.25 above it intraday.
Daily Candlestick Chart (LNC as at Jun 30, 2020):
Tuesday's trading range has been $1.78 (5.04%), that's below the last trading month's daily average range of $2.46. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for LNC.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a White Candle showed up on June 25th, LNC actually lost -5.84% on the following trading day.
After spiking up to 37.05 during the day, Lincoln National found resistance at the 50-day moving average at 36.87.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could accelerate should prices move below the close-by swing low at 34.34 where further sell stops might get triggered.
Among the 10 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 553 times, LNC closed higher 52.08% 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 60.76% with an average market move of 0.98%.