DGX dominated by bulls lifting the market higher throughout the day


Quest Diagnostics Incorporated (DGX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team

Highlights

DGX breaks back above 50-day moving average
DGX dominated by bulls lifting the market higher throughout the day
DGX closes higher for the 4th day in a row
DGX pushes through Monday's high

Overview

Moving higher for the 4th day in a row, DGX ended the month -3.65% lower at 113.96 after surging $3.54 (3.21%) today, significantly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 110.90, the share confirmed its breakout through the prior session high after trading up to $3.60 above it intraday.

Daily Candlestick Chart (DGX as at Jun 30, 2020):

Daily technical analysis candlestick chart for Quest Diagnostics Incorporated (DGX) as at Jun 30, 2020

Tuesday's trading range has been $4.12 (3.73%), that's slightly above the last trading month's daily average range of $3.67. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DGX.

One bullish candlestick pattern matches today's price action, the White Candle.

Quest Diagnostics managed to close back above the 50-day moving average at 111.32 for the first time since June 22nd. When this moving average was crossed above the last time on June 22nd, DGX actually lost -2.68% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Its common bullish interpretation has been confirmed for Quest Diagnostics. Out of 144 times, DGX closed higher 52.78% 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 55.56% with an average market move of 0.09%.


Market Conditions for DGX as at Jun 30, 2020

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DGX stuck within tight trading range

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