RMD pops to highest close ever
ResMed Inc. (RMD) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, RMD ended the week 3.0% higher at 176.60 after gaining $1.72 (0.98%) today on low volume, outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Today's close at 176.60 marks the highest recorded closing price ever. Trading up to $1.10 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Tuesday, RMD actually lost -0.91% on the following trading day. Closing above Thursday's high at 175.16, ResMed confirmed its breakout through the previous session high after trading up to $1.54 above it intraday.
Daily Candlestick Chart (RMD as at Feb 14, 2020):
Friday's trading range has been $2.75 (1.57%), that's slightly below the last trading month's daily average range of $2.98. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for RMD.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for ResMed. Out of 648 times, RMD closed higher 56.94% 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 58.95% with an average market move of 0.75%.