HSIC closes higher for the 4th day in a row
Henry Schein Inc. (HSIC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, HSIC ended the month -3.84% lower at 58.39 after gaining $0.33 (0.57%) today, strongly underperforming the Nasdaq 100 (1.96%). Closing above Monday's high at 58.08, the stock confirmed its breakout through the previous session high after trading up to $0.77 above it intraday.
Daily Candlestick Chart (HSIC as at Jun 30, 2020):
Tuesday's trading range has been $1.50 (2.6%), that's below the last trading month's daily average range of $2.07. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for HSIC.
Unable to break through the key technical resistance level at 58.77 (R1), Henry Schein closed below it after spiking up to 58.85 earlier during the day. The failure to close above the resistance could increase that levels significance going forward. When prices bounced off a significant resistance level the last time on June 8th, HSIC lost -8.66% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Henry Schein. Out of 84 times, HSIC closed higher 55.95% of the time on the next trading day after the market condition occurred.