SYF has pulled back to two historically bullish trendlines on the charts
Synchrony Financial (NYSE:SYF) has been pulling back from its mid-July peak and is currently on track for its third-straight week of losses, though former pressure at the $34 level could provide support for this recent dip. Plus, SYF has come into contact with two historically bullish trendlines.
According to Schaeffer's Senior Quantitative Analyst Rocky White, Synchrony Financial stock has come within one standard deviation of its 200-day moving average twice in the last three years, and its 260-day moving average once. The stock was higher one month later 100% of the time after each one of these signals, averaging a large 13.2% return following the 200-day.
It's also worth noting that SYF is seeing attractively priced premiums at the moment. The security's Schaeffer's Volatility Index (SVI) of 29% ranks in the low 7th percentile of its annual range, meaning options traders are now pricing in low volatility expectations.