DHR dominated by bulls lifting the market higher throughout the day
Danaher Corporation (DHR) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
DHR finished the week 2.44% higher at 165.95 after gaining $2.53 (1.55%) today, notably outperforming the S&P 500 (0.18%) 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 163.79, Danaher confirmed its breakout through the previous session high after trading up to $2.17 above it intraday.
Daily Candlestick Chart (DHR as at Feb 14, 2020):
Friday's trading range has been $2.94 (1.8%), that's slightly above the last trading month's daily average range of $2.50. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for DHR.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on January 30th, DHR actually lost -4.84% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 169.19, upside momentum could speed up should the stock be able to break out to new highs for the year.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near high of period" stand out. Its common bullish interpretation has been confirmed for Danaher. Out of 598 times, DHR closed higher 50.33% 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 59.53% with an average market move of 0.73%.