ZION runs into sellers around 46.49 for the third day in a row
Zions Bancorporation N.A. (ZION) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
ZION ended the week 0.06% higher at 46.26 after losing $0.18 (-0.39%) today on low volume, 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 (ZION as at Feb 14, 2020):
Friday's trading range has been $0.35 (0.76%), that's far below the last trading month's daily average range of $0.93. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ZION. Prices continued to consolidate within a tight trading range between 45.72 and 46.55 where it has been caught now for the last three trading days.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on January 28th, ZION actually lost -1.53% on the following trading day.
Prices are trading close to the key technical support level at 45.61 (S1). The stock ran into sellers again today around 46.49 for the third trading day in a row after having found sellers at 46.49 in the previous session and at 46.55 two days ago.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying might speed up should prices move above the nearby swing high at 46.81 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 45.72 where further sell stops could get triggered.
Among the five 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 Zions Bancorporation. Out of 675 times, ZION closed higher 54.22% 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 50.67% with an average market move of 0.45%.