BRKR closes within prior day's range after lackluster session
Bruker Corporation (BRKR) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
BRKR ended the week 1.51% higher at 50.51 after edging lower $0.08 (-0.16%) today, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (BRKR as at Feb 14, 2020):
Friday's trading range has been $0.55 (1.08%), that's far below the last trading month's daily average range of $1.12. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for BRKR.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar. Additionally, two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Bearish Short Candle showed up on January 29th, BRKR lost -1.79% on the following trading day.
Prices are trading close to the key technical resistance level at 51.00 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 51.53 where further buy stops might get triggered. With prices trading close to this year's low at 49.15, downside momentum could accelerate should the stock break out to new lows for the year. Trading close to December's low at 48.68 we might see further downside momentum if potential sell stops at the level get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Short Candle" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Bruker. Out of 54 times, BRKR closed higher 51.85% 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 64.81% with an average market move of 1.74%.