UHS closes within previous day's range after lackluster session
Universal Health Services, Inc. (UHS) Technical Analysis Report for Sep 14, 2018
UHS ended the week -0.84% lower at 125.86 after edging lower $0.15 (-0.12%) today. Trading $0.95 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was $1.36 (1.08%), that's below last trading month's daily average range of $1.68. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average.
Unable to break through the key technical resistance level at 126.81, the stock closed below it after spiking as high as 127.12 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
Although Universal Health is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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