SRCL closes lower for the 2nd day in a row
Stericycle Inc. (SRCL) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, SRCL ended the week 0.74% higher at 47.66 after losing $0.20 (-0.42%) today, but still slightly outperforming the S&P 500 (-0.92%). Trading up to $0.75 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, SRCL gained 3.76% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (SRCL as at Nov 09, 2018):
Friday's trading range has been $1.14 (2.4%), that's below the last trading month's daily average range of $1.54. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for SRCL.
Three candlestick patterns are matching today's price action, the Bullish Hikkake Pattern, the Bullish Spinning Top and the Takuri Line which are known as bullish patterns.
Prices are trading close to the key technical resistance level at 48.85 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 48.97 where further buy stops might get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Hikkake Pattern" stand out. Its common bullish interpretation has been confirmed for Stericycle. Out of 123 times, SRCL closed higher 58.54% 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 60.16% with an average market move of 0.12%.