ISRG climbs to highest close since January 23rd
Intuitive Surgical Inc. (ISRG) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, ISRG ended the week 4.13% higher at 603.36 after gaining $3.01 (0.5%) today, slightly outperforming the Nasdaq 100 (0.29%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 603.36 marks the highest recorded closing price since January 23rd. Trading up to $6.59 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (ISRG as at Feb 14, 2020):
Friday's trading range has been $9.78 (1.63%), that's slightly above the last trading month's daily average range of $9.72. 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 higher than usual for ISRG.
Although trading as low as 594.41 during the day, the stock has decisively rejected those price levels and formed a bullish Pin Bar closing $8.95 above today's low. The last time this happened on October 19, 2017, ISRG gained 3.39% on the following trading day.
Prices are trading close to the key technical resistance level at 605.49 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 616.56, upside momentum could speed up should the market be able to break out to new highs for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Intuitive Surgical. Out of 43 times, ISRG closed higher 55.81% 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 eight trading days, showing a win rate of 62.79% with an average market move of -0.02%.