RMD closes below its opening price unable to hold early session gains


ResMed (RMD) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
RMD finds buyers around 106.45 for the third day in a row
RMD closes below its opening price unable to hold early session gains
RMD unable to break through key resistance level
RMD closes lower for the 2nd day in a row
RMD stuck within tight trading range
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for RMD
Volatility

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.

Price Action

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

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.

Conclusion

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
ConditionForecastDirectionWinAvgWorstBestEvents
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish High-Wave Candle TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

RMD pushes through key resistance level

Jun 21, 2018
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