BRKR breaks back above 200-day moving average
Bruker Corporation (BRKR) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BRKR ended the month 9.69% higher at 44.62 after gaining $0.68 (1.55%) today, outperforming the S&P 500 (0.77%). Today's close at 44.62 marks the highest recorded closing price since March 6th. Closing above Thursday's high at 44.50, the share confirmed its breakout through the previous session high after trading up to $0.33 above it intraday.
Daily Candlestick Chart (BRKR as at Jul 31, 2020):
Friday's trading range has been $1.48 (3.38%), that's slightly above the last trading month's daily average range of $1.35. 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 slightly lower than usual for BRKR.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Additionally, one bullish candlestick pattern matches today's price action, the White Candle.
The market managed to close back above the 200-day moving average at 44.27. When this moving average was crossed above the last time on Monday, BRKR actually lost -2.14% on the following trading day. After having been unable to move lower than 43.45 in the prior session, Bruker found buyers again around the same price level today at 43.35.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Trading close to May's high at 45.25 we could see further upside momentum if potential buy stops at the level get activated.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 200" stand out. Its common bullish interpretation has been confirmed for Bruker. Out of 32 times, BRKR closed higher 62.50% 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 56.25% with an average market move of 1.19%.