THC climbs to highest close since August 17, 2018
Tenet Healthcare Corporation (THC) Technical Analysis Report for Dec 04, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, THC ended Wednesday at 33.74 gaining $0.67 (2.03%), strongly outperforming the S&P 500 (0.63%). Today's close at 33.74 marks the highest recorded closing price since August 17, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Tuesday's high at 33.31, the stock confirmed its breakout through the previous session high after trading up to $0.53 above it intraday.
Daily Candlestick Chart (THC as at Dec 04, 2019):
Wednesday's trading range has been $0.66 (1.99%), that's below the last trading month's daily average range of $0.97. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for THC.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a Bullish Short Candle showed up on October 16th, THC gained 2.26% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for Tenet Healthcare. Out of 134 times, THC closed higher 52.24% 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 61.94% with an average market move of 1.25%.