SPGI breaks back above 20-day moving average
S&P Global Inc. (SPGI) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
SPGI ended the month 1.37% higher at 329.48 after gaining $8.19 (2.55%) today, significantly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 325.15, S&P Global confirmed its breakout through the previous session high after trading up to $5.43 above it intraday.
Daily Candlestick Chart (SPGI as at Jun 30, 2020):
Tuesday's trading range has been $10.16 (3.16%), that's slightly above the last trading month's daily average range of $8.59. 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 slightly lower than usual for SPGI.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close back above the 20-day moving average at 325.17. When this moving average was crossed above the last time on June 25th, SPGI actually lost -1.90% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 334.66, upside momentum might speed up should the market be able to break out to new highs for the year.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for S&P Global. Out of 620 times, SPGI closed higher 56.13% 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 63.71% with an average market move of 0.92%.