BAX closes higher for the 5th day in a row
Baxter International Inc. (BAX) Technical Analysis Report for Jul 23, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, BAX ended Thursday at 89.49 edging higher $0.29 (0.33%), significantly outperforming the S&P 500 (-1.23%). Today's close at 89.49 marks the highest recorded closing price since June 3rd. Closing above Wednesday's high at 89.44, the market confirmed its breakout through the prior session high after trading up to $1.37 above it intraday.
Daily Candlestick Chart (BAX as at Jul 23, 2020):
Thursday's trading range has been $1.72 (1.93%), that's slightly above the last trading month's daily average range of $1.71. 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 bearish candlestick pattern matches today's price action, the Shooting Star. The last time a Shooting Star showed up on March 31st, BAX lost -3.12% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying might move prices higher should the market test June's nearby high at 91.58.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Shooting Star" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Baxter International. Out of 58 times, BAX closed higher 62.07% 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 seven trading days, showing a win rate of 62.07% with an average market move of 0.26%.