UHS rockets, gaining $3.79 (3.22%) within a single day on high volume


Universal Health Services Inc. (UHS) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team

Highlights

UHS soars, gaining $3.79 (3.22%) within a single day on high volume
UHS rises to highest close since March 6th
UHS closes higher for the 6th day in a row
UHS pushes through Tuesday's high

Overview

Moving higher for the 6th day in a row, UHS finished Wednesday at 121.49 surging $3.79 (3.22%) on high volume, significantly outperforming the S&P 500 (-0.46%). This is the biggest single-day gain in over a month. The last time we've seen such an unusually strong single-day gain on Monday, UHS gained 0.70% on the following trading day. Today's close at 121.49 marks the highest recorded closing price since March 6th. Closing above Tuesday's high at 118.92, the stock confirmed its breakout through the previous session high after trading up to $4.07 above it intraday.

Daily Candlestick Chart (UHS as at Sep 16, 2020):

Daily technical analysis candlestick chart for Universal Health Services Inc. (UHS) as at Sep 16, 2020

Wednesday's trading range has been $4.79 (4.04%), that's far above the last trading month's daily average range of $3.16. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for UHS.

One bullish candlestick pattern matches today's price action, the White Candle.

With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day although could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 112.30.

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

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Universal Health. Out of 23 times, UHS closed higher 60.87% of the time on the next trading day after the market condition occurred.


Market Conditions for UHS as at Sep 16, 2020

Loading Market Conditions for UHS (Universal Health Services Inc.)...
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