SYK ends the day on a bearish note closing near the low of the day

Overview

Moving lower for the 2nd day in a row, SYK ended the week 0.44% higher at 170.50 after tanking $2.57 (-1.48%) today. This is the biggest single day loss in over a month. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 171.81, the stock confirms its breakout through the previous session's low having traded $1.77 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Volatility

Friday's trading range was $3.58 (2.06%), that's far above last trading month's daily average range of $2.13. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.

Price Action

Even with a strong opening the market closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 169.73. Breaking below the key support level at 172.23 today, it is now likely to act as resistance going forward. The share ran into sellers again today around 173.62 for the third trading day in a row after having found sellers at 173.78 in the previous session and at 173.49 two days ago. After trading as low as 170.04 during the day, Stryker Corp. found support at the 100-day moving average at 170.41.

Trend

SYK shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 169.73 where further sell stops might get activated.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.