BDX closes higher for the 3rd day in a row
Becton Dickinson and Company (BDX) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BDX finished Thursday at 219.35 gaining $15.75 (7.74%), notably outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 209.27, Becton Dickinson confirmed its breakout through the previous session high after trading up to $10.28 above it intraday.
Daily Candlestick Chart (BDX as at Mar 26, 2020):
Thursday's trading range has been $15.18 (7.41%), that's slightly above the last trading month's daily average range of $13.96. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for BDX.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 17th, BDX actually lost -5.55% on the following trading day.
Prices are trading close to the key technical resistance level at 223.00 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Becton Dickinson. Out of 485 times, BDX closed higher 56.49% 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 53.61% with an average market move of 0.28%.