TFSL pushes through key technical resistance level
TFS Financial Corporation (TFSL) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
TFSL ended Thursday at 16.00 surging $1.49 (10.27%), significantly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 15.42, the market confirmed its breakout through the previous session high after trading up to $0.72 above it intraday.
Daily Candlestick Chart (TFSL as at Mar 26, 2020):
Thursday's trading range has been $1.63 (11.21%), that's slightly above the last trading month's daily average range of $1.31. 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 strongly higher than usual for TFSL.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 15.45 (now S1), which is likely to act as support going forward. The last time this happened on March 17th, TFSL actually lost -10.24% on the following trading day. The share found buyers again today around 14.51 for the third trading day in a row after having found demand at 14.35 in the prior session and at 14.56 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for TFS Financial. Out of 285 times, TFSL closed lower 54.74% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after nine trading days, showing a win rate of 47.72% with an average market move of -0.06%.