ISRG closes higher for the 2nd day in a row
Intuitive Surgical Inc. (ISRG) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ISRG ended the month -1.76% lower at 569.83 after gaining $16.06 (2.9%) today, outperforming the Nasdaq 100 (1.96%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 554.99, the market confirmed its breakout through the previous session high after trading up to $18.37 above it intraday.
Daily Candlestick Chart (ISRG as at Jun 30, 2020):
Tuesday's trading range has been $20.26 (3.65%), that's slightly above the last trading month's daily average range of $16.69. 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 ISRG.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on June 18th, ISRG gained 0.34% on the following trading day.
After spiking up to 573.36 during the day, the stock found resistance at the 20-day moving average at 572.96.
Intuitive Surgical shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Intuitive Surgical. Out of 35 times, ISRG closed higher 62.86% 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 62.86% with an average market move of 2.41%.