HSIC finds buyers at key support level
Henry Schein (HSIC) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
HSIC ended Thursday at 72.88 gaining $0.55 (0.76%). Trading up to $0.38 lower after the open, the stock 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 beyond the previous 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 Candlestick Chart (HSIC as at Jun 14, 2018):
Thursday's trading range was $1.01 (1.4%), that's below last trading month's daily average range of $1.28. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
After trading as low as 72.00 during the day, the share bounced off the key support level at 72.02. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 73.68.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the close-by swing high at 73.61 where further buy stops could get activated.