CERN closes higher for the 2nd day in a row
Cerner Corporation (CERN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CERN finished the month -5.97% lower at 68.55 after gaining $0.61 (0.9%) today, significantly underperforming the Nasdaq 100 (1.96%). Trading up to $0.69 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 18th, CERN gained 4.96% on the following trading day. Closing above Monday's high at 68.45, Cerner confirmed its breakout through the previous session high after trading up to $0.51 above it intraday.
Daily Candlestick Chart (CERN as at Jun 30, 2020):
Tuesday's trading range has been $1.59 (2.34%), that's below the last trading month's daily average range of $2.14. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CERN.
One bearish candlestick pattern matches today's price action, the Bearish Hikkake Pattern.
After spiking up to 68.96 during the day, the stock found resistance at the 100-day moving average at 68.80.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Cerner. Out of 458 times, CERN closed higher 54.37% 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 55.68% with an average market move of 0.52%.