UNM pushes through 50-day moving average for the first time since September 18th
Unum Group (UNM) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
UNM ended the week -5.33% lower at 37.32 after gaining $0.41 (1.11%) today, slightly underperforming the S&P 500 (1.42%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (UNM as at Oct 12, 2018):
Friday's trading range has been $1.41 (3.75%), that's above the last trading month's daily average range of $1.12. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for UNM.
One bullish candlestick pattern matches today's price action, the Hammer.
The stock managed to break above the 50-day moving average at 37.27 today for the first time since September 18th. When this moving average was taken out the last time on September 18th, UNM gained 1.71% on the following trading day.
Unum Group shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hammer" stand out. Its common bullish interpretation has been confirmed for Unum Group. Out of 20 times, UNM closed higher 65.00% 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 60.00% with an average market move of 3.20%.