BAX still stuck within tight trading range
Baxter International Inc. (BAX) Technical Analysis Report for Jul 13, 2018
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.
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.