HSIC closes lower for the 3rd day in a row


Henry Schein Inc. (HSIC) Technical Analysis Report for Apr 02, 2020 | by Techniquant Editorial Team

Highlights

HSIC closes below its opening price unable to hold early session gains
HSIC closes lower for the 3rd day in a row
HSIC closes within previous day's range after lackluster session

Overview

Moving lower for the 3rd day in a row, HSIC finished Thursday at 48.44 edging lower $0.13 (-0.27%), strongly underperforming the Nasdaq 100 (2.0%). Trading $1.30 higher after the open, Henry Schein was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on March 19th, HSIC lost -9.64% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (HSIC as at Apr 02, 2020):

Daily technical analysis candlestick chart for Henry Schein Inc. (HSIC) as at Apr 02, 2020

Thursday's trading range has been $2.95 (6.03%), that's below the last trading month's daily average range of $4.62. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for HSIC.

One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.

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

With prices trading close to this year's low at 41.85, downside momentum could speed up should the stock break out to new lows for the year.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Lower Closes" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Henry Schein. Out of 121 times, HSIC closed higher 56.20% 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 57.85% with an average market move of 0.47%.


Market Conditions for HSIC as at Apr 02, 2020

Loading Market Conditions for HSIC (Henry Schein Inc.)...
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HSIC breaks below Thursday's low

May 22, 2020
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