IART closes above its opening price after recovering from early selling pressure
Integra LifeSciences Holdings Corporation (IART) Technical Analysis Report for Dec 05, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IART ended Thursday at 61.68 gaining $0.23 (0.37%), slightly outperforming the S&P 500 (0.15%). Today's close at 61.68 marks the highest recorded closing price since October 21st. Trading up to $0.28 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on November 27th, IART actually lost -0.57% on the following trading day. Closing above Wednesday's high at 61.60, the stock confirmed its breakout through the previous session high after trading up to $0.38 above it intraday.
Daily Candlestick Chart (IART as at Dec 05, 2019):
Thursday's trading range has been $0.72 (1.17%), that's below the last trading month's daily average range of $0.94. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for IART.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
After trading down to 61.26 earlier during the day, the share bounced off the key technical support level at 61.45 (S1). The failure to close below the support could increase that levels significance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Trading close to October's high at 62.88 we might see further upside momentum if potential buy stops at the level get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for Integra LifeSciences. Out of 237 times, IART closed higher 57.81% 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 59.92% with an average market move of 1.14%.