UNM dominated by bulls lifting the market higher throughout the day
Unum Group (UNM) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, UNM finished the month 9.5% higher at 16.59 after gaining $0.50 (3.11%) today, strongly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 16.10, the market confirmed its breakout through the prior session high after trading up to $0.60 above it intraday.
Daily Candlestick Chart (UNM as at Jun 30, 2020):
Tuesday's trading range has been $0.90 (5.68%), that's slightly below the last trading month's daily average range of $0.95. 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 UNM.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 25th, UNM actually lost -5.08% on the following trading day.
Buyers managed to take out the key technical resistance level at 16.15 (now S1), which is likely to act as support going forward.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
As prices are trading close to June's low at 14.96, downside momentum could speed up should Unum Group mark new lows for the month.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Unum Group. Out of 326 times, UNM closed higher 50.92% 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 54.91% with an average market move of 0.32%.