ICUI closes below its opening price unable to hold early session gains
ICU Medical Inc. (ICUI) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
ICUI ended Thursday at 183.07 losing $6.51 (-3.43%), notably underperforming the S&P 500 (6.24%). Trading $6.75 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on March 20th, ICUI lost -5.94% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ICUI as at Mar 26, 2020):
Thursday's trading range has been $18.21 (9.58%), that's slightly above the last trading month's daily average range of $15.94. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ICUI.
Prices are trading close to the key technical support level at 176.20 (S1). The share closed back below the 100-day moving average at 187.59. After having been unable to move lower than 179.48 in the previous session, the market found buyers again around the same price level today at 178.67.
ICU Medical shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R2" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for ICU Medical. Out of 22 times, ICUI closed higher 68.18% 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 54.55% with an average market move of 0.46%.