PFG pushes through Monday's high
Principal Financial Group Inc (PFG) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PFG ended the month 7.56% higher at 41.54 after gaining $1.19 (2.95%) today, strongly 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 40.37, the stock confirmed its breakout through the prior session high after trading up to $1.40 above it intraday.
Daily Candlestick Chart (PFG as at Jun 30, 2020):
Tuesday's trading range has been $1.90 (4.77%), that's slightly below the last trading month's daily average range of $2.01. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for PFG.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, PFG actually lost -2.15% on the following trading day.
Principal Financial shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying could accelerate should prices move above the close-by swing high at 42.49 where further buy stops might get triggered.
Among the eight 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 Principal Financial. Out of 331 times, PFG closed higher 52.87% 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 58.61% with an average market move of 0.68%.