XRAY pushes through Thursday's high
DENTSPLY SIRONA Inc. (XRAY) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XRAY ended the week 4.36% higher at 40.71 after gaining $0.67 (1.67%) today, strongly outperforming the Nasdaq 100 (-0.3%). Today's close at 40.71 marks the highest recorded closing price since August 6, 2018. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 40.13, the stock confirmed its breakout through the previous session high after trading up to $0.68 above it intraday.
Daily Candlestick Chart (XRAY as at Jan 11, 2019):
Friday's trading range has been $1.16 (2.91%), that's slightly below the last trading month's daily average range of $1.21. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for XRAY.
One bullish candlestick pattern matches today's price action, the White Candle.
Buyers managed to take out the key technical resistance level at 40.60 (now S1), which is likely to act as support going forward. The last time this happened on January 4th, XRAY gained 1.79% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Its common bullish interpretation has been confirmed for DENTSPLY SIRONA. Out of 594 times, XRAY closed higher 53.54% of the time on the next trading day after the market condition occurred.