PKI closes within prior day's range
PerkinElmer Inc. (PKI) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
PKI ended the month 21.23% higher at 118.91 after gaining $0.10 (0.08%) today, underperforming the S&P 500 (0.77%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (PKI as at Jul 31, 2020):
Friday's trading range has been $1.98 (1.66%), that's slightly below the last trading month's daily average range of $2.42. Things look different on the weekly timeframe, where the market's trading range of the last week has been way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for PKI.
Five candlestick patterns are matching today's price action, the Bullish Hikkake Pattern and the Dragonfly Doji which are both known as bullish patterns, two bearish patterns, the Hanging Man and the Northern Doji and one neutral pattern, the Doji. The last time a Dragonfly Doji showed up on March 10th, PKI actually lost -7.72% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 121.44 where further buy stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hanging Man" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for PerkinElmer. Out of 71 times, PKI closed higher 54.93% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 61.97% with an average market move of 0.74%.