NAVI closes lower for the 2nd day in a row
Navient Corporation (NAVI) Technical Analysis Report for May 17, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, NAVI finished the week -2.68% lower at 13.45 after losing $0.09 (-0.66%) today on low volume, slightly underperforming the S&P 500 (-0.58%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (NAVI as at May 17, 2019):
Friday's trading range has been $0.21 (1.57%), that's far below the last trading month's daily average range of $0.34. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NAVI.
Although the market is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Selling could speed up should prices move below the nearby swing low at 13.16 where further sell stops might get triggered. With prices trading close to this year's high at 14.01, upside momentum could accelerate should Navient be able to break out to new highs for the year.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Lower Closes" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Navient. Out of 157 times, NAVI closed higher 54.78% of the time on the next trading day after the market condition occurred.