NTRS breaks back above 100-day moving average
Northern Trust Corporation (NTRS) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
NTRS finished Wednesday at 83.22 surging $4.46 (5.66%) on high volume, notably outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over three months. Closing above Tuesday's high at 81.20, the share confirmed its breakout through the previous session high after trading up to $4.70 above it intraday.
Daily Candlestick Chart (NTRS as at Sep 16, 2020):
Wednesday's trading range has been $6.90 (8.72%), that's far above the last trading month's daily average range of $2.33. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NTRS.
One bullish candlestick pattern matches today's price action, the White Candle.
Northern Trust managed to close back above the 100-day moving average at 80.06. When this moving average was crossed above the last time on Monday, NTRS actually lost -2.16% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying could move prices higher should the market test August's nearby high at 86.49.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Very Strong Up Move" stand out. Its common bullish interpretation has been confirmed for Northern Trust. Out of 115 times, NTRS closed higher 58.26% 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 nine trading days, showing a win rate of 56.52% with an average market move of 0.28%.