RMD closes below its opening price unable to hold early session gains
Moving lower for the 2nd day in a row, RMD finished Thursday at 106.76 edging lower $0.04 (-0.04%). Trading $0.84 higher after the open, ResMed was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was $1.18 (1.1%), that's slightly below last trading month's daily average range of $1.32. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 106.34 and 107.67 which it has been in now for the last three days.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Unable to break through the key technical resistance level at 106.97, the stock closed below it after spiking as high as 107.63 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The market found buyers again today around 106.45 for the third trading day in a row after having found demand at 106.43 in the previous session and at 106.34 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 107.67 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 105.21 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for ResMed
|3 Consecutive Lower Closes||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Hammer||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
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