ISRG pushes through Wednesday's high
Intuitive Surgical Inc. (ISRG) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ISRG ended Thursday at 501.47 gaining $41.16 (8.94%), significantly outperforming the Nasdaq 100 (5.72%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 483.98, the stock confirmed its breakout through the previous session high after trading up to $20.62 above it intraday.
Daily Candlestick Chart (ISRG as at Mar 26, 2020):
Thursday's trading range has been $41.97 (9.07%), that's slightly above the last trading month's daily average range of $35.98. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for ISRG.
One bullish candlestick pattern matches today's price action, the White Candle.
Intuitive Surgical managed to close above the 20-day moving average at 482.21 for the first time since March 4th. When this moving average was crossed above the last time on March 4th, ISRG actually lost -2.49% on the following trading day.
Although the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Intuitive Surgical. Out of 455 times, ISRG closed higher 53.85% 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 58.46% with an average market move of 0.79%.