IQV finds buyers again around 162.17
IQVIA Holdings Inc. (IQV) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, IQV ended the week 4.66% higher at 164.32 after losing $1.47 (-0.89%) today on high volume, notably underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (IQV as at Feb 14, 2020):
Friday's trading range has been $3.16 (1.91%), that's slightly above the last trading month's daily average range of $2.96. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for IQV.
One bullish candlestick pattern matches today's price action, the Bullish Hikkake Pattern. The last time a Bullish Hikkake Pattern showed up on February 7th, IQV gained 1.87% on the following trading day.
After having been unable to move lower than 162.64 in the previous session, the market found buyers again around the same price level today at 162.17.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 159.79.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Hikkake Pattern" stand out. Its common bullish interpretation has been confirmed for IQVIA Holdings. Out of 71 times, IQV closed higher 54.93% 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 60.56% with an average market move of 0.71%.