UNM stuck within tight trading range
Unum Group (UNM) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, UNM finished the week 1.87% higher at 30.01 after losing $0.17 (-0.56%) today on low volume, underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (UNM as at Feb 14, 2020):
Friday's trading range has been $0.34 (1.13%), that's below the last trading month's daily average range of $0.67. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for UNM. Prices continued to consolidate within a tight trading range between 29.84 and 30.42 where it has been caught now for the last three trading days.
Prices are trading close to the key technical support level at 29.80 (S1). Prices are trading close to the key technical resistance level at 30.38 (R1). The market found buyers again today around 29.84 for the third trading day in a row after having found demand at 29.88 in the prior session and at 29.90 two days ago. The last time this happened on December 16, 2019, UNM gained 0.39% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 30.42 where further buy stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous two Lows" stand out. Its common bullish interpretation has been confirmed for Unum Group. Out of 99 times, UNM closed higher 66.67% 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 five trading days, showing a win rate of 52.53% with an average market move of 0.29%.