OMCL pushes through Thursday's high
Omnicell Inc. (OMCL) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
OMCL finished the week 4.81% higher at 65.64 after gaining $1.11 (1.72%) today on low volume, significantly outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Closing above Thursday's high at 65.15, the share confirmed its breakout through the prior session high after trading up to $0.64 above it intraday.
Daily Candlestick Chart (OMCL as at May 22, 2020):
Friday's trading range has been $1.36 (2.1%), that's far below the last trading month's daily average range of $3.29. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for OMCL. Prices continued to consolidate within a tight trading range between 63.14 and 66.08 where it has been caught now for the whole last trading week.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on April 17th, OMCL actually lost -0.64% on the following trading day.
Prices are trading close to the key technical resistance level at 66.80 (R1).
Omnicell shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling might accelerate should prices move below the nearby swing low at 63.14 where further sell stops could get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for Omnicell. Out of 292 times, OMCL closed lower 54.79% of the time on the next trading day after the market condition occurred.