GRMN finds buyers around 68.22 for the third day in a row

Garmin Ltd. (GRMN) Technical Analysis Report for Sep 14, 2018

Highlights

GRMN finds buyers around 68.22 for the third day in a row
GRMN closes higher for the 5th day in a row
GRMN ends the day on a bullish note closing near the high of the day
GRMN rises to highest close since September 6th
GRMN stuck within tight trading range

TQ Sentiment

Report Sentiment: 20% Bullish
Technical Forecast:

Overview

Moving higher for the 5th day in a row, GRMN ended the week 1.18% higher at 68.72 after gaining $0.11 (0.16%) today. Today's closing price of 68.72 marks the highest close since September 6th. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for GRMN

Volatility

Friday's trading range was $0.61 (0.89%), that's below last trading month's daily average range of $0.87. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 68.11 and 69.15 which it has been in now for the last three days.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 69.11. The share found buyers again today around 68.22 for the third trading day in a row after having found demand at 68.11 in the prior session and at 68.16 two days ago.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 69.15 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 68.11 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Garmin Ltd.

Condition Forecast Direction Win Rate Exit Day Events
Close near low of period TQ Pro Members Only
High close to previous High TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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