STT closes lower for the 2nd day in a row
State Street Corporation (STT) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, STT ended the week -1.63% lower at 77.85 after losing $1.00 (-1.27%) today, strongly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing below Thursday's low at 78.47, the market confirmed its breakout through the previous session low after trading up to $0.75 below it intraday.
Daily Candlestick Chart (STT as at Feb 14, 2020):
Friday's trading range has been $1.58 (2.0%), that's slightly below the last trading month's daily average range of $1.75. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for STT.
One bearish candlestick pattern matches today's price action, the Black Candle.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's low at 75.18, downside momentum might accelerate should State Street break out to new lows for the year. As prices are trading close to February's low at 75.98, downside momentum could speed up should the share mark new lows for the month.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. Its common bullish interpretation has been confirmed for State Street. Out of 275 times, STT closed higher 56.73% 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 57.09% with an average market move of 0.52%.