SRCL breaks back above 50-day moving average
Stericycle Inc. (SRCL) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, SRCL ended the week 0.05% higher at 64.48 after gaining $1.00 (1.58%) today, strongly outperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing above Thursday's high at 63.90, the market confirmed its breakout through the previous session high after trading up to $0.89 above it intraday.
Daily Candlestick Chart (SRCL as at Feb 14, 2020):
Friday's trading range has been $1.59 (2.5%), that's slightly above the last trading month's daily average range of $1.58. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for SRCL.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close back above the 50-day moving average at 63.57 for the first time since February 7th. When this moving average was crossed above the last time on February 5th, SRCL gained 1.14% on the following trading day.
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 Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Stericycle. Out of 244 times, SRCL closed higher 52.87% 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 56.97% with an average market move of 0.36%.