PKI pushes through prior session high


PerkinElmer (PKI) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
PKI closes above its opening price after recovering from early selling pressure
PKI pushes through 20-day moving average
PKI fails to close above 100-day moving average
PKI pushes through previous session high
PKI rises to highest close since April 5th
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

PKI ended Monday at 75.37 gaining $0.95 (1.28%) on low volume. Today's closing price of 75.37 marks the highest close since April 5th. Trading up to $0.42 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 75.00, the share confirms its breakout through the prior session's high having traded $0.70 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for PKI
Volatility

Monday's trading range was $0.94 (1.25%), that's far below last trading month's daily average range of $1.63. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 73.94 and 75.80 which it has been in now for the last trading week.

Support/Resistance

Prices are trading close to the key resistance level at 76.34. After spiking up to 75.70 during the day, the market found resistance at the 100-day moving average at 75.49.

Trend

PerkinElmer shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. PKI managed to break above the 20-day moving average at 75.22 today for the first time since March 6th.

Order Flow

Selling might accelerate should prices move below the nearby swing low at 73.94 where further sell stops could get triggered. As prices are trading close to April's high at 76.49, upside momentum might speed up should the stock mark new highs for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for PerkinElmer
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
White Candle TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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