ICUI closes higher for the 2nd day in a row
ICU Medical Inc. (ICUI) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ICUI finished the week 2.73% higher at 191.03 after gaining $0.40 (0.21%) today, slightly underperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ICUI as at May 22, 2020):
Friday's trading range has been $6.01 (3.16%), that's below the last trading month's daily average range of $8.38. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ICUI. Prices continued to consolidate within a tight trading range between 184.53 and 194.14 where it has been caught now for the whole last trading week.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on May 1st, ICUI actually lost -2.06% on the following trading day.
Unable to break through the key technical resistance level at 191.94 (R1), the stock closed below it after spiking up to 194.14 earlier during the day. The failure to close above the resistance might increase that levels significance going forward.
Though the share is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Selling might accelerate should prices move below the nearby swing low at 184.74 where further sell stops could get activated.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. Although it is usually interpreted as neutral, it has actually shown to be bullish for ICU Medical. Out of 794 times, ICUI closed higher 55.04% 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 57.56% with an average market move of 0.82%.