PDCO finds buyers again around 22.46
PDCO finished Thursday at 22.66 losing $0.17 (-0.74%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Thursday's trading range was $0.43 (1.88%), that's far below last trading month's daily average range of $0.67. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 22.23 and 23.02 which it has been in now for the last trading week.
After trading as low as 22.46 during the day, the stock bounced off the key support level at 22.58. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 22.52 in the previous session, Patterson Companies found buyers again around the same price level today at 22.46.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 22.90 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 22.41 where further sell stops might get activated. As prices are trading close to May's high at 23.58, upside momentum could speed up should the market mark new highs for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.
Market Conditions for Patterson Companies
|Down Close Near Low of Period||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|Close near low of period||TQ Pro Members Only|
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