WLTW runs into sellers again around 211.87
Willis Towers Watson Public Limited Company (WLTW) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
WLTW finished the month 6.63% higher at 210.01 after losing $1.48 (-0.7%) today, significantly underperforming the S&P 500 (0.77%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (WLTW as at Jul 31, 2020):
Friday's trading range has been $6.42 (3.04%), that's far above the last trading month's daily average range of $3.29. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for WLTW.
One bearish candlestick pattern matches today's price action, the Hanging Man. The last time a Hanging Man showed up on May 15th, WLTW actually gained 2.12% on the following trading day.
After trading as low as 205.45 during the day, the market found support at the 20-day moving average at 206.51. After having been unable to move above 211.97 in the prior session, the stock ran into sellers again around the same price level today, missing to move higher than 211.87.
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 211.97 where further buy stops could get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for Willis Towers. Out of 520 times, WLTW closed higher 57.12% 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 60.96% with an average market move of 0.60%.