MTB finds buyers again around 100.85
M&T Bank Corporation (MTB) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MTB finished the month -1.6% lower at 103.97 after gaining $1.65 (1.61%) today, slightly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (MTB as at Jun 30, 2020):
Tuesday's trading range has been $4.19 (4.15%), that's below the last trading month's daily average range of $5.17. 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 MTB.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Even with a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical support level at 101.57 (S1). After having been unable to move lower than 100.97 in the prior session, the stock found buyers again around the same price level today at 100.85. The last time this happened on June 23rd, MTB actually lost -5.12% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 98.68 where further sell stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for M&T Bank. Out of 701 times, MTB closed higher 52.92% 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 seven trading days, showing a win rate of 54.07% with an average market move of 0.08%.