PKI pushes through key resistance level


PerkinElmer (PKI) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
PKI pushes through key resistance level
PKI finds buyers around 73.52 for the third day in a row
PKI dominated by bulls lifting the market higher throughout the day
PKI pushes through 20-day moving average
PKI ends the day on a bullish note closing near the high of the day
TQ Sentiment
Report Sentiment: 100% Bullish
Technical Forecast:
Overview

PKI finished Thursday at 74.40 gaining $0.61 (0.83%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 74.36, the share confirms its breakout through the previous session's high having traded $0.07 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for PKI
Volatility

Thursday's trading range was $0.91 (1.23%), that's below last trading month's daily average range of $1.30. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. Regardless of a weak opening PerkinElmer managed to close above the prior day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 73.94 today, it is now likely to act as support going forward. The stock found buyers again today around 73.52 for the third trading day in a row after having found demand at 73.61 in the previous session and at 73.62 two days ago.

Trend

The market 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 73.86 today for the first time since May 10th.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a very bullish sentiment for the next trading day.

Market Conditions for PerkinElmer
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Close to Swing High TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
Bearish Hikkake Pattern TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

PKI finds buyers at key support level

Aug 17, 2018
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