IQV closes above its opening price after recovering from early selling pressure
IQVIA Holdings Inc. (IQV) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
IQV ended the month 11.64% higher at 158.39 after edging higher $0.13 (0.08%) today, underperforming the S&P 500 (0.77%). Trading up to $2.29 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. 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 Jul 31, 2020):
Friday's trading range has been $2.92 (1.85%), that's below the last trading month's daily average range of $3.84. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for IQV.
After trading down to 155.71 earlier during the day, the stock bounced off the key technical support level at 156.23 (S1). The failure to close below the support might increase that levels significance as support going forward. After having been unable to move lower than 156.17 in the prior session, IQVIA Holdings found buyers again around the same price level today at 155.71. The last time this happened on Tuesday, IQV gained 0.89% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for IQVIA Holdings. Out of 354 times, IQV closed higher 58.19% 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 62.15% with an average market move of 1.01%.