SYK closes within prior day's range after lackluster session
SYK ended Thursday at 171.26 losing $0.50 (-0.29%) on low volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was $1.80 (1.05%), that's below last trading month's daily average range of $2.85. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving higher in the previous session, the stock closed lower but above the prior day's open today, forming a bearish Harami Candle.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 172.73 where further buy stops might get triggered. With prices trading close to this year's high at 172.99, upside momentum could accelerate should Stryker Corp. be able to break out to new highs for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.
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|Bearish Harami Candle||TQ Pro Members Only|
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