LH stuck within tight trading range


Laboratory Corp. of America Holding (LH) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
LH runs into sellers around 180.92 for the third day in a row
LH closes below its opening price unable to hold early session gains
LH fails to close above 20-day moving average
LH stuck within tight trading range
LH closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 45% Bearish
Technical Forecast:
Overview

LH ended the week 0.38% higher at 179.59 after losing $0.35 (-0.19%) today. Trading $0.89 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for LH
Volatility

Friday's trading range was $1.73 (0.96%), that's below last trading month's daily average range of $3.19. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 178.93 and 181.25 which it has been in now for the last three days.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. Regardless of a strong opening the stock closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 179.16. The market ran into sellers again today around 180.92 for the third trading day in a row after having found sellers at 180.91 in the prior session and at 181.25 two days ago. After spiking up to 180.92 during the day, Laboratory Corp. found resistance at the 20-day moving average at 180.45.

Trend

LH shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying could speed up should prices move above the close-by swing high at 181.50 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 178.93 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Laboratory Corp. of America Holding
Condition Forecast Direction Win Avg Worst Best Events
Down Close Near Low of Period TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Bounced off Technical Resistance R2 TQ Pro Members Only
RSI(2) below 20 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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