DHR pushes through Wednesday's high


Danaher Corporation (DHR) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team

Highlights

DHR breaks above 20-day moving average for the first time since February 19th
DHR dominated by bulls lifting the market higher throughout the day
DHR closes higher for the 3rd day in a row
DHR pushes through Wednesday's high

Overview

Moving higher for the 3rd day in a row, DHR ended Thursday at 138.66 gaining $9.34 (7.22%), outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 132.94, the stock confirmed its breakout through the prior session high after trading up to $6.60 above it intraday.

Daily Candlestick Chart (DHR as at Mar 26, 2020):

Daily technical analysis candlestick chart for Danaher Corporation (DHR) as at Mar 26, 2020

Thursday's trading range has been $9.32 (7.07%), that's slightly above the last trading month's daily average range of $8.64. 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 DHR.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 6th, DHR actually lost -4.61% on the following trading day.

Danaher managed to close above the 20-day moving average at 137.32 for the first time since February 19th. Prices are trading close to the key technical resistance level at 141.22 (R1).

The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Among the nine 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 Danaher. Out of 164 times, DHR closed higher 50.61% 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 59.76% with an average market move of 0.60%.


Market Conditions for DHR as at Mar 26, 2020

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