PDCO finds buyers at key support level


Patterson Companies (PDCO) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
PDCO closes below its opening price unable to hold early session gains
PDCO finds buyers at key support level
PDCO fails to close above 100-day moving average
PDCO breaks below previous session low
PDCO falls to lowest close since July 18th
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

PDCO ended the week -8.52% lower at 22.45 after losing $0.15 (-0.66%) today on low volume. Today's closing price of 22.45 marks the lowest close since July 18th. Trading $0.29 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 below Thursday's low at 22.50, Patterson Companies confirms its breakout through the previous session's low having traded $0.54 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for PDCO
Volatility

Friday's trading range was $0.84 (3.73%), that's slightly below last trading month's daily average range of $0.89. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly above average.

Support/Resistance

After trading as low as 21.96 during the day, the stock bounced off the key support level at 22.27. The failure to close below the support could increase that levels importance as support going forward. After spiking up to 22.80 during the day, the market found resistance at the 100-day moving average at 22.73.

Trend

Although PDCO is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

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 Patterson Companies
Condition Forecast Direction Win Avg Worst Best Events
Bearish Break through SMA 50 TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Close near low of period TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

PDCO breaks below 50-day moving average

Aug 16, 2018
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