HSIC closes lower for the 4th day in a row
Henry Schein (HSIC) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, HSIC ended the week -3.56% lower at 77.37 after losing $1.16 (-1.48%) today. Today's closing price of 77.37 marks the lowest close since July 26th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 78.06, the share confirms its breakout through the previous session's low having traded $0.94 below it intraday.
Daily Candlestick Chart (HSIC as at Aug 10, 2018):
Friday's trading range was $1.13 (1.44%), that's below last trading month's daily average range of $1.75. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being way above average.
Prices are trading close to a key support level at 76.13. Breaking below the key support level at 78.02 today, it is now likely to act as resistance going forward.
While the stock is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. The market broke below the 20-day moving average at 77.53 today for the first time since July 18th.