RMD stuck within tight trading range


ResMed (RMD) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
RMD breaks below 20-day moving average
RMD fails to close above 20-day moving average
RMD stuck within tight trading range
RMD closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

RMD ended the week 2.9% higher at 107.78 after losing $0.31 (-0.29%) today. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.

Daily chart for RMD
Volatility

Friday's trading range was $1.03 (0.96%), that's below last trading month's daily average range of $1.63. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 107.17 and 109.62 which it has been in now for the last three days.

Support/Resistance

Prices are trading close to a key support level at 106.97. Prices are trading close to the key resistance level at 108.55. After spiking up to 108.27 during the day, the market found resistance at the 20-day moving average at 107.83.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The share broke below the 20-day moving average at 107.83 today for the first time since August 3rd.

Order Flow

With prices trading close to this year's high at 109.97, upside momentum could speed up should the stock be able to break out to new highs for the year.

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
Condition Forecast Direction Win Avg Worst Best Events
Bearish Break through SMA 50 TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Lower Closes TQ Pro Members Only
Black Candle TQ Pro Members Only
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