PBI finds buyers around 1.94 for the third day in a row
Pitney Bowes Inc. (PBI) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
PBI ended Thursday at 2.28 gaining $0.38 (20.0%) on high volume, significantly outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 2.19, the share confirmed its breakout through the previous session high after trading up to $0.47 above it intraday.
Daily Candlestick Chart (PBI as at Mar 26, 2020):
Thursday's trading range has been $0.72 (36.18%), that's far above the last trading month's daily average range of $0.39. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PBI.
Prices are trading close to the key technical support level at 1.89 (S1). Pitney Bowes found buyers again today around 1.94 for the third trading day in a row after having found demand at 1.89 in the prior session and at 1.96 two days ago. The last time this happened on January 13th, PBI gained 1.52% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous two Lows" stand out. Its common bullish interpretation has been confirmed for Pitney Bowes. Out of 142 times, PBI closed higher 52.11% 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 two trading days, showing a win rate of 53.52% with an average market move of 0.32%.