IQV closes higher for the 2nd day in a row
IQVIA Holdings Inc. (IQV) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, IQV finished the month -5.11% lower at 141.88 after surging $4.36 (3.17%) today on low volume, notably outperforming the S&P 500 (1.54%). This is the biggest single-day gain in over a month. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 137.71, the stock confirmed its breakout through the prior session high after trading up to $4.85 above it intraday.
Daily Candlestick Chart (IQV as at Jun 30, 2020):
Tuesday's trading range has been $5.56 (4.06%), that's above the last trading month's daily average range of $4.47. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for IQV.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Bearish Hikkake Pattern.
The market managed to close back above the 50-day moving average at 139.55 for the first time since June 23rd. After spiking up to 142.56 during the day, IQVIA Holdings found resistance at the 200-day moving average at 142.12. The last time this happened on April 28th, IQV actually gained 5.31% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the 13 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 200" stand out. Its common bearish interpretation has been confirmed for IQVIA Holdings. Out of 11 times, IQV closed lower 72.73% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after four trading days, showing a win rate of 54.55% with an average market move of -0.52%.