VOYA closes above its opening price after recovering from early selling pressure
Voya Financial Inc. (VOYA) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, VOYA ended the week 0.38% higher at 62.58 after edging higher $0.04 (0.06%) today, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Trading up to $0.73 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (VOYA as at Feb 14, 2020):
Friday's trading range has been $0.91 (1.46%), that's below the last trading month's daily average range of $1.17. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for VOYA.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, four candlestick patterns are matching today's price action, the Bearish Harami Cross Pattern, the Hanging Man and the Northern Doji which are known as bearish patterns and one neutral pattern, the Doji. The last time a Northern Doji showed up on January 2nd, VOYA lost -1.90% on the following trading day.
Prices are trading close to the key technical resistance level at 63.19 (R1). After having been unable to move above 62.76 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 62.72.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 63.22 where further buy stops could get triggered. 2019's high at 63.37 is within reach and we might see further upside momentum should Voya Financial manage to break out beyond.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior High" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Voya Financial. Out of 385 times, VOYA closed higher 54.81% 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 57.66% with an average market move of 0.95%.