NTRS still stuck within tight trading range
Northern Trust Corporation (NTRS) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NTRS ended the month 0.42% higher at 79.34 after gaining $3.04 (3.98%) 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 77.58, Northern Trust confirmed its breakout through the prior session high after trading up to $2.11 above it intraday.
Daily Candlestick Chart (NTRS as at Jun 30, 2020):
Tuesday's trading range has been $3.60 (4.71%), that's above the last trading month's daily average range of $2.94. Things look different on the weekly timeframe, where the market's trading range of the last week has been way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NTRS. Prices continued to consolidate within a tight trading range between 75.11 and 79.99 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 50-day moving average at 79.08 for the first time since June 23rd. When this moving average was crossed above the last time on May 26th, NTRS gained 4.75% on the following trading day. After having been unable to move lower than 75.77 in the previous session, the stock found buyers again around the same price level today at 76.09.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Northern Trust. Out of 401 times, NTRS closed higher 53.37% 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 55.61% with an average market move of 0.35%.