DVA closes higher for the 2nd day in a row
DaVita Inc. (DVA) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, DVA finished the month -2.25% lower at 79.14 after gaining $1.93 (2.5%) today, outperforming the S&P 500 (1.54%). Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (DVA as at Jun 30, 2020):
Tuesday's trading range has been $2.60 (3.35%), that's slightly below the last trading month's daily average range of $2.77. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for DVA.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on June 3rd, DVA actually gained 3.35% on the following trading day.
DaVita managed to close back above the 100-day moving average at 78.14 for the first time since June 23rd.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Further selling could move prices lower should the market test May's nearby low at 74.70.
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 100" stand out. Its common bullish interpretation has been confirmed for DaVita. Out of 51 times, DVA closed higher 54.90% 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 60.78% with an average market move of 1.01%.