UHS closes higher for the 3rd day in a row
Universal Health Services Inc. (UHS) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, UHS finished Thursday at 91.84 gaining $3.89 (4.42%), strongly underperforming the S&P 500 (6.24%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (UHS as at Mar 26, 2020):
Thursday's trading range has been $10.92 (12.14%), that's slightly above the last trading month's daily average range of $9.40. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for UHS.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on November 4, 2019, UHS gained 0.24% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Universal Health. Out of 165 times, UHS closed higher 52.73% 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 51.52% with an average market move of 0.41%.