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SYK climbs to highest close since March 21st


Technical Analysis Report for SYK - Apr 16, 2018 [1 min read]
Highlights
SYK rallies 2.34% closing $3.71 higher
SYK pushes through key resistance level
SYK pushes through 50-day moving average
SYK finds support at 50-day moving average
SYK ends the day on a bullish note closing near the high of the day
TQ Sentiment
Technical Forecast:
Overview

SYK ended Monday at 162.06 surging $3.71 (2.34%). This is the biggest single day gain in over a month. Today's closing price of 162.06 marks the highest close since March 21st. Closing above Friday's high at 160.08, the stock confirms its breakout through the previous session's high having traded $2.55 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for SYK
Volatility

Monday's trading range was $3.03 (1.89%), that's slightly below last trading month's daily average range of $3.34. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Breaking through the key resistance level at 160.83 today, it is now likely to act as support going forward. After trading as low as 159.60 during the day, the share found support at the 50-day moving average at 159.78.

Trend

The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. SYK managed to break above the 50-day moving average at 159.78 today for the first time since April 10th.

Conclusion

Even though both sentiments are bullish for the next trading day, our quantitative statistics are only bullish while the classical technical analysis metrics show a very bullish sentiment.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bullish Bounce off SMA 50 TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
Bullish Break through SMA 50 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Up Close near high of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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