LH fails to close above 200-day moving average
Laboratory Corp. of America Holding (LH) Technical Analysis Report for Sep 14, 2018
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.
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.
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.
Laboratory Corp. shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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