VAR closes higher for the 2nd day in a row
Varian Medical Systems Inc. (VAR) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, VAR finished Thursday at 118.27 gaining $0.33 (0.28%). Trading up to $0.63 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 previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (VAR as at May 17, 2018):
Thursday's trading range was $1.30 (1.1%), that's slightly below last trading month's daily average range of $2.33. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Prices are trading close to the key resistance level at 119.10.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Buying could speed up should prices move above the close-by swing high at 118.82 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 116.63 where further sell stops might get activated.