THC runs into sellers around 29.60 for the third day in a row

Tenet Healthcare Corp. (THC) Technical Analysis Report for Sep 14, 2018

Highlights

THC runs into sellers around 29.60 for the third day in a row
THC closes below its opening price unable to hold early session gains
THC ends the day on a bearish note closing near the low of the day
THC breaks below previous session low
THC falls to lowest close since May 1st

TQ Sentiment

Report Sentiment: 71% Bearish
Technical Forecast:

Overview

THC finished the week -7.46% lower at 28.53 after losing $0.67 (-2.29%) today on low volume. Today's closing price of 28.53 marks the lowest close since May 1st. Trading $0.44 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 28.60, the share confirms its breakout through the previous session's low having traded $0.09 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for THC

Volatility

Friday's trading range was $1.09 (3.74%), that's slightly below last trading month's daily average range of $1.10. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.

Support/Resistance

The market ran into sellers again today around 29.60 for the third trading day in a row after having found sellers at 29.58 in the prior session and at 29.68 two days ago.

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 27.98 where further sell stops might get triggered.

Conclusion

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

Market Conditions for Tenet Healthcare Corp.

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