ZION pushes through Wednesday's high
Zions Bancorporation N.A. (ZION) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ZION ended Thursday at 27.37 gaining $1.52 (5.88%), slightly underperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 26.72, Zions Bancorporation confirmed its breakout through the previous session high after trading up to $0.79 above it intraday.
Daily Candlestick Chart (ZION as at Mar 26, 2020):
Thursday's trading range has been $1.56 (6.01%), that's far below the last trading month's daily average range of $2.19. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ZION.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on March 2nd, ZION actually lost -5.81% on the following trading day.
Prices are trading close to the key technical support level at 25.85 (S1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Zions Bancorporation. Out of 552 times, ZION closed higher 53.62% 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 53.62% with an average market move of 0.46%.