PBCT unable to break through key resistance level
People's United Financial Inc. (PBCT) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PBCT finished the month 1.05% higher at 11.57 after gaining $0.26 (2.3%) today, 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 11.43, the share confirmed its breakout through the previous session high after trading up to $0.22 above it intraday.
Daily Candlestick Chart (PBCT as at Jun 30, 2020):
Tuesday's trading range has been $0.50 (4.47%), that's slightly below the last trading month's daily average range of $0.55. 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 PBCT.
One bullish candlestick pattern matches today's price action, the White Candle.
Unable to break through the key technical resistance level at 11.59 (R1), the market closed below it after spiking up to 11.65 earlier during the day. The failure to close above the resistance could increase that levels importance going forward. When prices bounced off a significant resistance level the last time on June 23rd, PBCT lost -5.67% on the following trading day.
People's United shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for People's United. Out of 320 times, PBCT closed higher 49.38% 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 three trading days, showing a win rate of 53.44% with an average market move of 0.09%.