RF dominated by bulls lifting the market higher throughout the day
Regions Financial Corporation (RF) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
RF finished Thursday at 9.85 gaining $1.12 (12.83%), significantly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 9.20, the share confirmed its breakout through the prior session high after trading up to $0.77 above it intraday.
Daily Candlestick Chart (RF as at Mar 26, 2020):
Thursday's trading range has been $1.15 (12.99%), that's above the last trading month's daily average range of $0.95. 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 RF.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 9.27 (now S1), which is likely to act as support going forward. The last time this happened on February 3rd, RF gained 2.52% on the following trading day. Prices are trading close to the key technical resistance level at 10.58 (R1).
Though the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Regions Financial. Out of 234 times, RF closed higher 52.14% 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 52.99% with an average market move of 0.53%.