STT closes within previous day's range
State Street Corporation (STT) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
STT finished the week 2.94% higher at 70.10 after losing $0.19 (-0.27%) today on high volume, underperforming the S&P 500 (0.5%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (STT as at Mar 15, 2019):
Friday's trading range has been $1.71 (2.47%), that's above the last trading month's daily average range of $1.29. 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 higher than usual for STT.
One bullish candlestick pattern matches today's price action, the White Candle.
After trading as low as 68.71 during the day, the share found support at the 100-day moving average at 68.96. The last time this happened on February 9, 2018, STT gained 1.77% on the following trading day.
The stock 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 nearby swing high at 70.72 where further buy stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for State Street. Out of 423 times, STT closed higher 61.23% 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 56.03% with an average market move of 0.68%.