PFG still stuck within tight trading range

Principal Financial Group (PFG) Technical Analysis Report for Apr 16, 2018

Highlights

PFG closes above its opening price after recovering from early selling pressure
PFG fails to close above 50-day moving average
PFG finds buyers again around 60.60
PFG still stuck within tight trading range
PFG closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 27% Bullish
Technical Forecast:

Overview

PFG ended Monday at 61.06 gaining $0.41 (0.68%). Trading up to $0.36 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 prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for PFG

Volatility

Monday's trading range was $0.93 (1.53%), that's below last trading month's daily average range of $1.63. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 60.09 and 61.99 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the stock managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Prices are trading close to the key resistance level at 61.61. After having been unable to move lower than 60.43 in the previous session, the share found buyers again around the same price level today at 60.60. After spiking up to 61.53 during the day, PFG found resistance at the 50-day moving average at 61.48.

Trend

Although the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 61.99 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 60.09 where further sell stops might get triggered. Further buying could move prices higher should the market test March's close-by high at 63.58.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.

Market Conditions for Principal Financial Group

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