RMD dominated by bulls lifting the market higher throughout the day
ResMed Inc. (RMD) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, RMD finished the month 19.39% higher at 192.00 after gaining $3.68 (1.95%) today, slightly outperforming the S&P 500 (1.54%). Today's close at 192.00 marks the highest recorded closing price ever. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 188.40, the share confirmed its breakout through the prior session high after trading up to $4.80 above it intraday.
Daily Candlestick Chart (RMD as at Jun 30, 2020):
Tuesday's trading range has been $5.16 (2.74%), that's slightly below the last trading month's daily average range of $5.21. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above 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 last time a White Candle showed up on June 25th, RMD actually lost -0.36% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Decisive Up Move" stand out. Its common bullish interpretation has been confirmed for ResMed. Out of 364 times, RMD closed higher 55.77% 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 60.71% with an average market move of 1.03%.