WBS breaks back above 20-day moving average

Webster Financial Corporation (WBS) Technical Analysis Report for May 26, 2020 | by Techniquant Editorial Team


WBS soars, gaining $3.23 (13.03%) within a single day
WBS breaks back above 20-day moving average
WBS rises to highest close since April 30th
WBS ends the day on a bullish note closing near the high of the day


WBS finished Tuesday at 28.02 surging $3.23 (13.03%), strongly outperforming the S&P 500 (1.23%). This is the biggest single-day gain in over two months. The last time we've seen such an unusually strong single-day gain on May 18th, WBS actually lost -5.85% on the following trading day. Today's close at 28.02 marks the highest recorded closing price since April 30th. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily Candlestick Chart (WBS as at May 26, 2020):

Daily technical analysis candlestick chart for Webster Financial Corporation (WBS) as at May 26, 2020

Tuesday's trading range has been $2.42 (9.15%), that's far above the last trading month's daily average range of $1.49. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for WBS.

One bullish candlestick pattern matches today's price action, the White Candle.

The market managed to close back above the 20-day moving average at 25.11.

Although Webster Financial is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Further buying might move prices higher should the market test April's nearby high at 29.98.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Up Move" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Webster Financial. Out of 210 times, WBS closed lower 55.24% of the time on the next trading day after the market condition occurred.

Market Conditions for WBS as at May 26, 2020

Loading Market Conditions for WBS (Webster Financial Corporation)...
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