CERN dominated by bulls lifting the market higher throughout the day
Cerner Corporation (CERN) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
CERN ended the week -2.36% lower at 77.07 after gaining $0.58 (0.76%) today, slightly outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 76.92, Cerner confirmed its breakout through the previous session high after trading up to $0.34 above it intraday.
Daily Candlestick Chart (CERN as at Feb 14, 2020):
Friday's trading range has been $1.07 (1.4%), that's slightly below the last trading month's daily average range of $1.52. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for CERN.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, CERN gained 0.77% on the following trading day.
Prices are trading close to the key technical support level at 75.91 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might accelerate should prices move below the close-by swing low at 75.91 where further sell stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Cerner. Out of 734 times, CERN closed higher 54.09% 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 55.59% with an average market move of 0.88%.