SNV finds buyers again around 36.56
Synovus Financial Corp. (SNV) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
SNV finished the week 0.71% higher at 36.63 after losing $0.55 (-1.48%) today, significantly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (SNV as at Feb 14, 2020):
Friday's trading range has been $0.77 (2.07%), that's slightly above the last trading month's daily average range of $0.70. Things look different on the weekly timeframe, where the market's trading range of the last week has been way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for SNV.
One bearish candlestick pattern matches today's price action, the Black Candle.
Prices are trading close to the key technical support level at 36.43 (S1). The share closed back below the 100-day moving average at 36.95. When this moving average was crossed below the last time on January 24th, SNV lost -2.40% on the following trading day. After having been unable to move lower than 36.55 in the prior session, the stock found buyers again around the same price level today at 36.56.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Selling might accelerate should prices move below the close-by swing low at 36.55 where further sell stops could get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 100" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Synovus Financial. Out of 71 times, SNV closed higher 57.75% 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 61.97% with an average market move of 1.66%.