IART slips to lowest close since July 14th
Integra LifeSciences Holdings Corporation (IART) Technical Analysis Report for Aug 04, 2020 | by Techniquant Editorial Team
IART ended Tuesday at 47.40 losing $0.53 (-1.11%), significantly underperforming the S&P 500 (0.36%). Today's close at 47.40 marks the lowest recorded closing price since July 14th. Trading $0.69 higher after the open, the share 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 missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (IART as at Aug 04, 2020):
Tuesday's trading range has been $1.04 (2.18%), that's below the last trading month's daily average range of $1.46. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IART.
Prices are trading close to the key technical support level at 46.82 (S1). Integra LifeSciences closed below the 100-day moving average at 47.74 for the first time since July 14th. When this moving average was crossed below the last time on June 10th, IART lost -2.46% on the following trading day. After having been unable to move above 48.25 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 48.30.
Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling could speed up should prices move below the close-by swing low at 46.82 where further sell stops might get activated. Trading close to June's low at 45.29 we could see further downside momentum if potential sell stops at the level get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. Its common bullish interpretation has been confirmed for Integra LifeSciences. Out of 262 times, IART closed higher 55.34% 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 0.77%.