LH fails to close above 200-day moving average

Laboratory Corp. of America Holding (LH) Technical Analysis Report for Sep 14, 2018

Highlights

LH closes above its opening price after recovering from early selling pressure
LH fails to close above 200-day moving average
LH closes higher for the 5th day in a row
LH rises to highest close since August 29th
LH closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 28% Bearish
Technical Forecast:

Overview

Moving higher for the 5th day in a row, LH finished the week 3.17% higher at 172.98 after gaining $0.45 (0.26%) today. Today's closing price of 172.98 marks the highest close since August 29th. Trading up to $0.49 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous 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 $1.16 (0.67%), that's far below last trading month's daily average range of $2.30. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being above average.

Support/Resistance

Prices are trading close to the key resistance level at 174.01. After spiking up to 173.41 during the day, the share found resistance at the 200-day moving average at 173.02.

Trend

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

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

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