STT pushes through Thursday's high
State Street Corporation (STT) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
STT ended the month 0.38% higher at 63.79 after gaining $0.29 (0.46%) today, slightly underperforming the S&P 500 (0.77%). Trading up to $0.39 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 63.51, the market confirmed its breakout through the previous session high after trading up to $0.40 above it intraday.
Daily Candlestick Chart (STT as at Jul 31, 2020):
Friday's trading range has been $0.97 (1.53%), that's far below the last trading month's daily average range of $1.89. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for STT.
Prices are trading close to the key technical resistance level at 64.07 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 64.52 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 62.17 where further sell stops could get activated. As prices are trading close to July's high at 65.74, upside momentum might speed up should State Street mark new highs for the month.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for State Street. Out of 458 times, STT closed higher 53.06% of the time on the next trading day after the market condition occurred.