VOYA pushes through Thursday's high
Voya Financial Inc. (VOYA) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
VOYA finished the month 5.89% higher at 49.40 after gaining $0.21 (0.43%) today, slightly underperforming the S&P 500 (0.77%). Trading up to $0.49 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 49.38, the market confirmed its breakout through the previous session high after trading up to $0.10 above it intraday.
Daily Candlestick Chart (VOYA as at Jul 31, 2020):
Friday's trading range has been $0.67 (1.36%), that's below the last trading month's daily average range of $0.96. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for VOYA.
Prices are trading close to the key technical resistance level at 49.63 (R1). After having been unable to move above 49.38 in the prior session, the stock ran into sellers again around the same price level today, missing to move higher than 49.48. The last time this happened on Tuesday, VOYA actually gained 2.23% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 50.11 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 48.49 where further sell stops might get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for Voya Financial. Out of 516 times, VOYA closed higher 55.43% 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 57.56% with an average market move of 0.30%.