BRKR closes higher for the 3rd day in a row
Bruker Corporation (BRKR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BRKR finished Thursday at 40.15 gaining $3.60 (9.85%), significantly 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 37.79, the share confirmed its breakout through the previous session high after trading up to $2.93 above it intraday.
Daily Candlestick Chart (BRKR as at Mar 26, 2020):
Thursday's trading range has been $3.86 (10.4%), that's above the last trading month's daily average range of $3.09. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for BRKR.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, BRKR gained 5.94% on the following trading day.
The market managed to close above the 20-day moving average at 39.19 for the first time since January 24th. Prices are trading close to the key technical resistance level at 42.02 (R1).
While Bruker is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Bruker. Out of 156 times, BRKR closed higher 54.49% 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 53.21% with an average market move of 0.41%.