BAX breaks above 200-day moving average for the first time since June 10th
Baxter International Inc. (BAX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
BAX finished the month -4.34% lower at 86.10 after gaining $1.87 (2.22%) today, 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 84.96, the market confirmed its breakout through the previous session high after trading up to $1.36 above it intraday.
Daily Candlestick Chart (BAX as at Jun 30, 2020):
Tuesday's trading range has been $2.22 (2.64%), that's above the last trading month's daily average range of $1.90. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BAX.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close above the 200-day moving average at 85.46 for the first time since June 10th. When this moving average was crossed above the last time on May 27th, BAX gained 2.04% on the following trading day. Prices are trading close to the key technical resistance level at 86.52 (R1).
While Baxter International is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Its common bullish interpretation has been confirmed for Baxter International. Out of 64 times, BAX closed higher 56.25% 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 59.38% with an average market move of 0.77%.