MDRX closes higher for the 2nd day in a row
Allscripts Healthcare Solutions Inc. (MDRX) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, MDRX finished the month 7.12% higher at 6.77 after gaining $0.24 (3.68%) today, strongly outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 6.65, the stock confirmed its breakout through the prior session high after trading up to $0.14 above it intraday.
Daily Candlestick Chart (MDRX as at Jun 30, 2020):
Tuesday's trading range has been $0.33 (5.11%), that's below the last trading month's daily average range of $0.43. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for MDRX.
One bullish candlestick pattern matches today's price action, the White Candle.
Allscripts Healthcare managed to close back above the 20-day moving average at 6.74 for the first time since June 23rd. When this moving average was crossed above the last time on June 15th, MDRX gained 3.77% on the following trading day.
The share 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 "Bullish Break through SMA 20" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Allscripts Healthcare. Out of 137 times, MDRX closed lower 53.28% of the time on the next trading day after the market condition occurred.