PFG finds buyers again around 37.95
Principal Financial Group Inc (PFG) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
PFG ended Monday at 39.52 gaining $0.90 (2.33%), significantly outperforming the S&P 500 (0.38%). Trading up to $0.67 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (PFG as at Jun 01, 2020):
Monday's trading range has been $1.89 (4.89%), that's slightly above the last trading month's daily average range of $1.69. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PFG.
After having been unable to move lower than 38.06 in the previous session, Principal Financial found buyers again around the same price level today at 37.95. The last time this happened on May 19th, PFG gained 2.32% on the following trading day.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Principal Financial. Out of 484 times, PFG closed higher 52.69% 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 four trading days, showing a win rate of 55.99% with an average market move of 0.16%.