ZAYO closes within previous day's range after lackluster session
Zayo Group Holdings Inc. (ZAYO) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
ZAYO ended the week unchanged at 34.91 after losing $0.01 (-0.03%) today, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (ZAYO as at Feb 14, 2020):
Friday's trading range has been $0.03 (0.09%), that's far below the last trading month's daily average range of $0.06. 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 ZAYO.
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 close-by swing high at 34.94 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 34.86 where further sell stops could get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Zayo Group. Out of 442 times, ZAYO closed higher 52.04% 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 61.54% with an average market move of 0.06%.