PRI runs into sellers again around 137.68
Primerica Inc. (PRI) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
PRI finished the week 10.93% higher at 136.84 after edging lower $0.05 (-0.04%) today on high volume, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (PRI as at Feb 14, 2020):
Friday's trading range has been $1.71 (1.25%), that's below the last trading month's daily average range of $2.47. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for PRI.
Prices are trading close to the key technical support level at 135.89 (S1). After having been unable to move above 137.36 in the prior session, the share ran into sellers again around the same price level today, missing to move higher than 137.68. The last time this happened on February 6th, PRI lost -0.61% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 125.06.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
2019's high at 138.05 is within reach and we could see further upside momentum should the stock manage to break out beyond.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for Primerica. Out of 165 times, PRI closed higher 53.33% 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 61.82% with an average market move of 0.63%.