PKI closes higher for the 4th day in a row
PerkinElmer Inc. (PKI) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, PKI ended Wednesday at 120.31 gaining $1.80 (1.52%), significantly outperforming the S&P 500 (-0.46%). Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (PKI as at Sep 16, 2020):
Wednesday's trading range has been $1.63 (1.36%), that's below the last trading month's daily average range of $2.66. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PKI.
Prices are trading close to the key technical resistance level at 121.44 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 123.21, upside momentum might accelerate should the stock be able to break out to new highs for the year. As prices are trading close to September's high at 122.29, upside momentum could speed up should the market mark new highs for the month.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for PerkinElmer. Out of 581 times, PKI closed higher 56.45% 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 56.97% with an average market move of 0.63%.