THC closes above its opening price after recovering from early selling pressure


Tenet Healthcare Corp. (THC) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
THC finds buyers around 31.39 for the third day in a row
THC closes above its opening price after recovering from early selling pressure
THC finds support at 100-day moving average
THC stuck within tight trading range
THC closes within previous day's range
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

THC finished the week -15.93% lower at 32.29 after losing $0.19 (-0.58%) today. Trading up to $0.78 lower after the open, Tenet Healthcare managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for THC
Volatility

Friday's trading range was $1.20 (3.73%), that's slightly below last trading month's daily average range of $1.43. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 31.25 and 32.59 which it has been in now for the last three days.

Support/Resistance

Prices are trading close to a key support level at 31.25. The stock found buyers again today around 31.39 for the third trading day in a row after having found demand at 31.33 in the prior session and at 31.25 two days ago. After trading as low as 31.39 during the day, the share found support at the 100-day moving average at 31.93.

Trend

Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Selling could speed up should prices move below the close-by swing low at 31.25 where further sell stops might get triggered.

Conclusion

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

Market Conditions for Tenet Healthcare Corp.
Condition Forecast Direction Win Avg Worst Best Events
Bullish Spinning Top TQ Pro Members Only
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