RDN still stuck within tight trading range
Radian Group Inc. (RDN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, RDN ended the month -2.33% lower at 15.51 after gaining $0.22 (1.44%) today, slightly underperforming the S&P 500 (1.54%). Closing above Monday's high at 15.48, the stock confirmed its breakout through the prior session high after trading up to $0.24 above it intraday.
Daily Candlestick Chart (RDN as at Jun 30, 2020):
Tuesday's trading range has been $0.68 (4.5%), that's below the last trading month's daily average range of $0.83. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for RDN. Prices continued to consolidate within a tight trading range between 14.25 and 15.72 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the White Candle.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might speed up should prices move above the close-by swing high at 16.13 where further buy stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Radian Group. Out of 411 times, RDN closed higher 52.31% 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 57.91% with an average market move of 0.70%.