SYF pushes through Wednesday's high
Synchrony Financial (SYF) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, SYF ended Thursday at 19.03 gaining $2.37 (14.23%) on high volume, strongly outperforming the S&P 500 (6.24%). Closing above Wednesday's high at 17.32, the stock confirmed its breakout through the previous session high after trading up to $2.52 above it intraday.
Daily Candlestick Chart (SYF as at Mar 26, 2020):
Thursday's trading range has been $2.84 (16.56%), that's far above the last trading month's daily average range of $1.96. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for SYF.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, SYF gained 13.03% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Synchrony Financial. Out of 233 times, SYF closed higher 53.22% 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 54.94% with an average market move of 0.33%.