PVH closes higher for the 3rd day in a row
PVH Corp. (PVH) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, PVH finished Thursday at 39.03 gaining $1.57 (4.19%) on high volume, significantly underperforming the S&P 500 (6.24%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (PVH as at Mar 26, 2020):
Thursday's trading range has been $6.99 (18.59%), that's far above the last trading month's daily average range of $5.16. 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 higher than usual for PVH.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for PVH. Out of 161 times, PVH closed higher 50.31% 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 57.76% with an average market move of 1.00%.