SYK closes higher for the 2nd day in a row
Stryker Corporation (SYK) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SYK ended the month -7.94% lower at 180.19 after gaining $2.67 (1.5%) today, slightly underperforming the S&P 500 (1.54%). Closing above Monday's high at 177.62, the stock confirmed its breakout through the prior session high after trading up to $3.89 above it intraday.
Daily Candlestick Chart (SYK as at Jun 30, 2020):
Tuesday's trading range has been $6.10 (3.45%), that's slightly below the last trading month's daily average range of $6.13. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for SYK.
One bullish candlestick pattern matches today's price action, the White Candle.
Prices are trading close to the key technical resistance level at 184.28 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Stryker. Out of 615 times, SYK closed higher 52.20% 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 59.84% with an average market move of 0.64%.