MAN closes within previous day's range after lackluster session
ManpowerGroup (MAN) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
MAN finished Thursday at 57.23 edging lower $0.40 (-0.69%) on low volume, notably underperforming the S&P 500 (6.24%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (MAN as at Mar 26, 2020):
Thursday's trading range has been $3.24 (5.59%), that's below the last trading month's daily average range of $5.39. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MAN.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, one bullish candlestick pattern matches today's price action, the Hammer. The last time a Hammer showed up on February 14th, MAN actually lost -1.48% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 60.76 where further buy stops might get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hammer" stand out. Its common bullish interpretation has been confirmed for ManpowerGroup. Out of 30 times, MAN closed higher 56.67% 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 60.00% with an average market move of 0.25%.