NTRS breaks above 20-day moving average for the first time since February 21st


Northern Trust Corporation (NTRS) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

NTRS breaks above 20-day moving average for the first time since February 21st
NTRS closes higher for the 3rd day in a row
NTRS runs into sellers again around 75.90
NTRS closes within previous day's range after lackluster session

Overview

Moving higher for the 3rd day in a row, NTRS finished Thursday at 75.35 gaining $2.49 (3.42%) on low volume, significantly 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 (NTRS as at Mar 26, 2020):

Daily technical analysis candlestick chart for Northern Trust Corporation (NTRS) as at Mar 26, 2020

Thursday's trading range has been $3.18 (4.32%), that's far below the last trading month's daily average range of $5.56. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for NTRS.

Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on Tuesday, NTRS gained 4.29% on the following trading day.

The stock managed to close above the 20-day moving average at 73.46 for the first time since February 21st. Prices are trading close to the key technical resistance level at 76.35 (R1). After having been unable to move above 75.78 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 75.90.

While Northern Trust is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Northern Trust. Out of 155 times, NTRS closed higher 58.71% 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 56.77% with an average market move of 0.58%.


Market Conditions for NTRS as at Mar 26, 2020

Loading Market Conditions for NTRS (Northern Trust Corporation)...
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