ISRG rallies, gaining $23.80 (4.68%) within a single day
Intuitive Surgical Inc. (ISRG) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
ISRG finished the week -3.04% lower at 532.02 after surging $23.80 (4.68%) today, notably outperforming the Nasdaq 100 (2.77%). This is the biggest single-day gain in over five months. Today's close at 532.02 marks the highest recorded closing price since October 5th.
Daily Candlestick Chart (ISRG as at Oct 12, 2018):
Friday's trading range has been $16.09 (3.08%), that's slightly above the last trading month's daily average range of $13.20. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for ISRG.
Two candlestick patterns are matching today's price action, the Morning Star and the White Candle which are both known as bullish patterns.
The share managed to break above the 100-day moving average at 519.36 today. When this moving average was crossed above the last time on April 9th, ISRG gained 3.22% on the following trading day. Prices are trading close to the key technical resistance level at 540.76 (R1).
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 553.78.
Though Intuitive Surgical is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Morning Star" stand out. Its common bullish interpretation has been confirmed for Intuitive Surgical. Out of 4 times, ISRG closed higher 75.00% 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 100.00% with an average market move of 14.57%.