HSIC closes higher for the 6th day in a row
Henry Schein Inc. (HSIC) Technical Analysis Report for Jul 02, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, HSIC finished Thursday at 59.07 gaining $0.21 (0.36%) on low volume, slightly underperforming the Nasdaq 100 (0.61%) ahead of tomorrow's Independence Day OBS market holiday. Trading $0.60 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. 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 Jul 02, 2020):
Thursday's trading range has been $1.46 (2.44%), that's below the last trading month's daily average range of $2.06. 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.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on June 24th, HSIC actually gained 0.39% on the following trading day.
Prices are trading close to the key technical support level at 58.77 (S1).
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 OHLC Patterns based market condition "Black Candle" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Henry Schein. Out of 483 times, HSIC closed higher 59.42% 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 63.56% with an average market move of 1.04%.