DGX misses to close above 100-day moving average
Quest Diagnostics Incorporated (DGX) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, DGX ended Wednesday at 114.55 gaining $0.96 (0.85%), strongly outperforming the S&P 500 (-0.46%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (DGX as at Sep 16, 2020):
Wednesday's trading range has been $2.07 (1.81%), that's below the last trading month's daily average range of $2.95. 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 DGX.
One bearish candlestick pattern matches today's price action, the Shooting Star. The last time a Shooting Star showed up on July 23rd, DGX lost -2.05% on the following trading day.
After spiking up to 116.02 during the day, Quest Diagnostics found resistance at the 100-day moving average at 115.92.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 100" stand out. Its common bearish interpretation has been confirmed for Quest Diagnostics. Out of 27 times, DGX closed lower 62.96% of the time on the next trading day after the market condition occurred.