IQV closes higher for the 3rd day in a row
IQVIA Holdings Inc. (IQV) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, IQV ended Thursday at 110.55 gaining $5.67 (5.41%), underperforming the S&P 500 (6.24%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (IQV as at Mar 26, 2020):
Thursday's trading range has been $9.88 (9.24%), that's slightly below the last trading month's daily average range of $10.04. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for IQV.
Buyers managed to take out the key technical resistance level at 110.54 (now S1), which is likely to act as support going forward. The last time this happened on Tuesday, IQV gained 8.22% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for IQVIA Holdings. Out of 182 times, IQV closed higher 59.89% 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 52.75% with an average market move of 0.26%.