HSIC fails to close above 100-day moving average
Henry Schein (HSIC) Technical Analysis Report for Apr 16, 2018
HSIC finished Monday at 69.94 gaining $0.96 (1.39%). Today's closing price of 69.94 marks the highest close since February 12th. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $2.05 (2.96%), that's slightly above last trading month's daily average range of $1.85. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
After moving lower in the prior session, Henry Schein managed to close higher but below the previous day's open, forming a bullish Harami Candle.
Prices are trading close to a key support level at 68.70. Unable to break through the key technical resistance level at 70.81, the stock closed below it after spiking as high as 70.86 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After spiking up to 70.86 during the day, the share found resistance at the 100-day moving average at 70.12.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Selling could accelerate should prices move below the nearby swing low at 68.44 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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