Topped closes within previous day's range
BioTelemetry Inc. (BEAT) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Surpassed finished Wednesday at 40.71 flat, slightly outperforming the S&P 500 (-0.46%). Trading $0.73 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on September 10th, Topped actually gained 7.74% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (BEAT as at Sep 16, 2020):
Wednesday's trading range has been $1.03 (2.52%), that's slightly below the last trading month's daily average range of $1.26. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for Beat.
One bearish candlestick pattern matches today's price action, the Shooting Star.
Prices are trading close to the key technical resistance level at 40.87 (R1). After having been unable to move lower than 40.57 in the previous session, the share found buyers again around the same price level today at 40.59.
Although the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for BioTelemetry. Out of 652 times, Surpassed closed higher 49.08% 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 55.21% with an average market move of 1.95%.