BAX still stuck within tight trading range

Baxter International Inc. (BAX) Technical Analysis Report for Jul 13, 2018

Highlights

BAX finds buyers at key support level
BAX runs into sellers again around 74.94
BAX still stuck within tight trading range
BAX closes within previous day's range after lackluster session
BAX ends the day indecisive

TQ Sentiment

Report Sentiment:
Neutral
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

BAX finished the week 0.55% higher at 74.78 after flat today. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for BAX

Volatility

Friday's trading range was $0.43 (0.57%), that's far below last trading month's daily average range of $0.92. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 74.10 and 75.12 which it has been in now for the last trading week.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

After trading as low as 74.51 during the day, the stock bounced off the key support level at 74.69. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move above 75.04 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 74.94.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 75.04 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 74.10 where further sell stops might get triggered. With prices trading close to this year's high at 75.62, upside momentum could accelerate should the market be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Baxter International Inc.

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