PKI pushes through key resistance level
PerkinElmer (PKI) Technical Analysis Report for May 17, 2018
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 Candlestick Chart (PKI as at May 17, 2018):
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.
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.
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.
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.