ZION dominated by bulls lifting the market higher throughout the day
Zions Bancorporation N.A. (ZION) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ZION ended the month 3.31% higher at 34.00 after gaining $0.95 (2.87%) today on low volume, notably outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 33.51, Zions Bancorporation confirmed its breakout through the previous session high after trading up to $0.74 above it intraday.
Daily Candlestick Chart (ZION as at Jun 30, 2020):
Tuesday's trading range has been $1.45 (4.39%), that's slightly below the last trading month's daily average range of $1.70. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ZION.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on June 23rd, ZION lost -6.37% on the following trading day.
The stock managed to close back above the 100-day moving average at 33.22.
The share shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling might accelerate should prices move below the nearby swing low at 32.21 where further sell stops could get triggered.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Zions Bancorporation. Out of 258 times, ZION closed higher 58.53% 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 53.49% with an average market move of 0.64%.