SRCL closes above its opening price after recovering from early selling pressure

Stericycle Inc (SRCL) Technical Analysis Report for Sep 14, 2018

Highlights

SRCL rallies 1.56% on high volume
SRCL pushes through key resistance level
SRCL closes above its opening price after recovering from early selling pressure
SRCL pushes through 20-day moving average
SRCL ends the day on a bullish note closing near the high of the day

TQ Sentiment

Report Sentiment: 77% Bullish
Technical Forecast:

Overview

SRCL ended the week 0.08% higher at 61.87 after surging $0.95 (1.56%) today on high volume. This is the biggest single day gain in over two months. Trading up to $0.82 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 61.30, the stock confirms its breakout through the prior session's high having traded $0.87 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for SRCL

Volatility

Friday's trading range was $2.06 (3.38%), that's far above last trading month's daily average range of $1.01. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being way below average.

Support/Resistance

Breaking through the key resistance level at 61.15 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 62.66. After having been unable to move lower than 59.96 in the previous session, the share found buyers again around the same price level today at 60.11.

Trend

Stericycle Inc shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. SRCL managed to break above the 20-day moving average at 61.70 today for the first time since August 29th.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 62.36 where further buy stops could get triggered.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a bullish sentiment for the next trading day.

Market Conditions for Stericycle Inc

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