PRAH finds buyers again around 100.92
PRA Health Sciences Inc. (PRAH) Technical Analysis Report for May 29, 2020 | by Techniquant Editorial Team
Moving higher for the 7th day in a row, PRAH ended the month 7.25% higher at 103.50 after gaining $1.63 (1.6%) today, strongly outperforming the S&P 500 (0.48%). Today's close at 103.50 marks the highest recorded closing price since February 21st. Closing above Thursday's high at 103.38, the market confirmed its breakout through the prior session high after trading up to $0.44 above it intraday.
Daily Candlestick Chart (PRAH as at May 29, 2020):
Friday's trading range has been $2.90 (2.85%), that's slightly below the last trading month's daily average range of $3.24. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for PRAH.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern. The last time a Last Engulfing Top Pattern showed up on May 14th, PRAH actually gained 1.32% on the following trading day.
After having been unable to move lower than 100.53 in the previous session, PRA Health found buyers again around the same price level today at 100.92.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Trading close to March's high at 103.94 we might see further upside momentum if potential buy stops at the level get activated.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for PRA Health. Out of 268 times, PRAH closed higher 55.22% 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 61.57% with an average market move of 1.33%.