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BAX still stuck within tight trading range


Technical Analysis Report for BAX - Apr 16, 2018 [1 min read]
Highlights
BAX closes below its opening price unable to hold early session gains
BAX pushes through 50-day moving average
BAX finds support at 50-day moving average
BAX pushes through previous session high
BAX rises to highest close since March 21st
TQ Sentiment
Technical Forecast:
Overview

BAX finished Monday at 66.29 gaining $0.57 (0.87%) on low volume. Today's closing price of 66.29 marks the highest close since March 21st. Trading $0.45 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing above Friday's high at 66.21, the stock confirms its breakout through the prior session's high having traded $0.60 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for BAX
Volatility

Monday's trading range was $0.71 (1.07%), that's far below last trading month's daily average range of $1.38. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 64.77 and 66.81 which it has been in now for the last trading week.

Support/Resistance

Prices are trading close to a key support level at 65.81. Prices are trading close to the key resistance level at 67.09. After trading as low as 66.10 during the day, the share found support at the 50-day moving average at 66.16.

Trend

BAX shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The market managed to break above the 50-day moving average at 66.16 today for the first time since March 8th.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bullish Bounce off SMA 50 TQ Pro Members Only
Bullish Break through SMA 50 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
More market conditions identified for TQ Pro members...
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