ZION fails to close above 50-day moving average
Zions Bancorporation N.A. (ZION) Technical Analysis Report for Jul 13, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ZION ended Monday at 32.88 gaining $0.67 (2.08%), significantly outperforming the S&P 500 (-0.94%). Trading up to $1.01 lower after the open, Zions Bancorporation managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (ZION as at Jul 13, 2020):
Monday's trading range has been $1.51 (4.61%), that's slightly below the last trading month's daily average range of $1.56. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ZION.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
The market managed to close back above the 100-day moving average at 32.11 for the first time since July 6th. When this moving average was crossed above the last time on July 6th, ZION actually lost -4.13% on the following trading day. After spiking up to 33.26 during the day, the stock found resistance at the 50-day moving average at 32.91.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could speed up should prices move above the nearby swing high at 34.25 where further buy stops might get triggered. As prices are trading close to July's high at 34.06, upside momentum could accelerate should the share mark new highs for the month.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 50" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Zions Bancorporation. Out of 27 times, ZION closed higher 51.85% of the time on the next trading day after the market condition occurred.