IQV closes lower for the 2nd day in a row


IQVIA Holdings Inc. (IQV) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team

Highlights

IQV closes lower for the 2nd day in a row
IQV stuck within tight trading range
IQV closes within previous day's range after lackluster session

Overview

Moving lower for the 2nd day in a row, IQV ended the week 6.48% higher at 142.90 after edging lower $0.30 (-0.21%) today on low volume, 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 (IQV as at May 22, 2020):

Daily technical analysis candlestick chart for IQVIA Holdings Inc. (IQV) as at May 22, 2020

Friday's trading range has been $2.26 (1.58%), that's below the last trading month's daily average range of $4.38. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for IQV. Prices continued to consolidate within a tight trading range between 141.64 and 146.38 where it has been caught now for the last three trading days.

One bearish candlestick pattern matches today's price action, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on May 8th, IQV actually gained 0.73% on the following trading day.

Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying might speed up should prices move above the nearby swing high at 146.38 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 137.73 where further sell stops could get triggered. Trading close to March's high at 150.25 we might see further upside momentum if potential buy stops at the level 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. Though it is usually interpreted as neutral, it has actually shown to be bullish for IQVIA Holdings. Out of 514 times, IQV closed higher 50.78% 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 61.48% with an average market move of 1.15%.


Market Conditions for IQV as at May 22, 2020

Loading Market Conditions for IQV (IQVIA Holdings Inc.)...
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