DHR closes above its opening price after recovering from early selling pressure
Danaher Corp. (DHR) Technical Analysis Report for May 17, 2018
Moving higher for the 2nd day in a row, DHR ended Thursday at 100.78 edging higher $0.08 (0.08%) on low volume. Trading up to $0.32 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was $0.88 (0.87%), that's far below last trading month's daily average range of $1.59. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
Prices are trading close to a key support level at 99.86. Unable to break through the key technical resistance level at 100.99, Danaher Corp. closed below it after spiking as high as 101.26 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move above 101.20 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 101.26. After trading as low as 100.38 during the day, the share found support at the 20-day moving average at 100.61.
DHR shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Selling might accelerate should prices move below the nearby swing low at 99.86 where further sell stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.