TMO closes lower for the 3rd day in a row

Thermo Fisher Scientific Inc (TMO) Technical Analysis Report for Sep 18, 2020 | by Techniquant Editorial Team


TMO unable to break through key resistance level
TMO closes lower for the 3rd day in a row
TMO closes within previous day's range after lackluster session


Moving lower for the 3rd day in a row, TMO finished the week -0.48% lower at 429.05 after losing $3.88 (-0.9%) today, but still slightly outperforming the S&P 500 (-1.12%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (TMO as at Sep 18, 2020):

Daily technical analysis candlestick chart for Thermo Fisher Scientific Inc (TMO) as at Sep 18, 2020

Friday's trading range has been $7.76 (1.82%), that's below the last trading month's daily average range of $10.67. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for TMO.

Unable to break through the key technical resistance level at 432.38 (R1), the stock closed below it after spiking up to 433.84 earlier during the day. The failure to close above the resistance could increase that levels significance going forward. When prices bounced off a significant resistance level the last time on September 11th, TMO actually gained 0.69% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

With prices trading close to this year's high at 441.96, upside momentum might speed up should Thermo Fisher be able to break out to new highs for the year.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Lower Closes" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Thermo Fisher. Out of 123 times, TMO closed higher 56.91% 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 64.23% with an average market move of 1.37%.

Market Conditions for TMO as at Sep 18, 2020

Loading Market Conditions for TMO (Thermo Fisher Scientific Inc)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Thermo Fisher Scientific Inc traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!