TD breaks back below 200-day moving average

Toronto Dominion Bank (TD) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team


TD breaks back below 200-day moving average
TD falls to lowest close since August 21st
TD closes below its opening price unable to hold early session gains
TD closes lower for the 2nd day in a row
TD breaks below Tuesday's low


Moving lower for the 2nd day in a row, TD finished Wednesday at 47.49 losing $0.46 (-0.96%), slightly underperforming the S&P 500 (-0.46%). Today's close at 47.49 marks the lowest recorded closing price since August 21st. Trading $0.30 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on September 8th, TD actually gained 1.57% on the following trading day. Closing below Tuesday's low at 47.80, the stock confirmed its breakout through the prior session low after trading up to $0.34 below it intraday.

Daily Candlestick Chart (TD as at Sep 16, 2020):

Daily technical analysis candlestick chart for Toronto Dominion Bank (TD) as at Sep 16, 2020

Wednesday's trading range has been $0.83 (1.73%), that's slightly below the last trading month's daily average range of $0.84. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TD.

One bearish candlestick pattern matches today's price action, the Black Candle.

The market closed back below the 200-day moving average at 47.79 for the first time since September 10th.

Although Toronto Dominion is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Toronto Dominion. Out of 354 times, TD closed higher 55.65% 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 55.08% with an average market move of 0.22%.

Market Conditions for TD as at Sep 16, 2020

Loading Market Conditions for TD (Toronto Dominion Bank)...
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TD closes within previous day's range

Sep 25, 2020
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