SYK dominated by bulls lifting the market higher throughout the day
Stryker Corporation (SYK) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, SYK finished Wednesday at 215.81 surging $5.31 (2.52%) on high volume, strongly outperforming the S&P 500 (-0.46%). Today's close at 215.81 marks the highest recorded closing price since February 21st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 211.96, Stryker confirmed its breakout through the previous session high after trading up to $4.89 above it intraday.
Daily Candlestick Chart (SYK as at Sep 16, 2020):
Wednesday's trading range has been $5.57 (2.63%), that's above the last trading month's daily average range of $4.54. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for SYK.
One bullish candlestick pattern matches today's price action, the White Candle.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day while might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 197.96.
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 OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Stryker. Out of 621 times, SYK closed higher 52.33% 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 60.23% with an average market move of 0.71%.