THC closes higher for the 2nd day in a row


Tenet Healthcare Corp. (THC) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
THC closes above its opening price after recovering from early selling pressure
THC pushes through 20-day moving average
THC unable to break through key resistance level
THC closes higher for the 2nd day in a row
THC ends the day on a bullish note closing near the high of the day
TQ Sentiment
Report Sentiment: 40% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, THC finished Monday at 24.03 gaining $0.32 (1.35%) on low volume. Today's closing price of 24.03 marks the highest close since April 5th. Trading up to $0.29 lower after the open, the market 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 in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for THC
Volatility

Monday's trading range was $0.75 (3.16%), that's below last trading month's daily average range of $0.90. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Price Action

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.

Support/Resistance

Unable to break through the key technical resistance level at 24.06, the share closed below it after spiking as high as 24.17 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 23.35 in the previous session, the stock found buyers again around the same price level today at 23.42.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. THC managed to break above the 20-day moving average at 23.95 today for the first time since April 5th.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 24.39 where further buy stops might get triggered. With prices trading close to this year's high at 25.24, upside momentum could speed up should the market be able to break out to new highs for the year. As prices are trading close to April's high at 24.86, upside momentum might accelerate should the share mark new highs for the month.

Conclusion

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

Market Conditions for Tenet Healthcare Corp.
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Harami Candle TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
Bearish Break through SMA 50 TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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Latest Report:

THC closes within previous day's range

Jul 20, 2018
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