NTRS closes higher for the 2nd day in a row
Northern Trust Corporation (NTRS) Technical Analysis Report for Jul 13, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NTRS finished Monday at 81.57 gaining $1.40 (1.75%), notably outperforming the S&P 500 (-0.94%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (NTRS as at Jul 13, 2020):
Monday's trading range has been $2.72 (3.37%), that's slightly above the last trading month's daily average range of $2.61. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for NTRS.
After trading down to 80.00 earlier during the day, the share bounced off the key technical support level at 80.26 (S1). The failure to close below the support could increase that levels significance as support going forward. When prices bounced off a significant support level the last time on July 9th, NTRS gained 4.92% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Northern Trust. Out of 447 times, NTRS closed higher 60.40% 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 55.70% with an average market move of 0.47%.