PDCO closes higher for the 2nd day in a row
Patterson Companies Inc. (PDCO) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PDCO ended Monday at 23.34 gaining $0.45 (1.97%) on low volume. Today's closing price of 23.34 marks the highest close since March 16th. Closing above Friday's high at 23.19, the stock confirms its breakout through the previous session's high having traded $0.64 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (PDCO as at Apr 16, 2018):
Monday's trading range was $1.17 (5.08%), that's far above last trading month's daily average range of $0.82. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
The market was bought again around 22.66 after having seen lows at 22.58, 22.62 and 22.65 in the last three trading sessions. Obviously there is something going on at that level.
While the share is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Selling might accelerate should prices move below the close-by swing low at 22.58 where further sell stops could get activated.