XRAY closes higher for the 3rd day in a row
DENTSPLY SIRONA Inc. (XRAY) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XRAY ended the month -5.29% lower at 44.06 after gaining $0.15 (0.34%) today, notably underperforming the Nasdaq 100 (1.96%). Trading up to $0.41 lower after the open, the share 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 missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (XRAY as at Jun 30, 2020):
Tuesday's trading range has been $0.65 (1.48%), that's far below the last trading month's daily average range of $1.64. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for XRAY.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
Prices are trading close to the key technical resistance level at 44.56 (R1). After having been unable to move above 44.08 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 44.20. The last time this happened on June 26th, XRAY actually gained 1.83% on the following trading day.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Buying might accelerate should prices move above the nearby swing high at 45.00 where further buy stops could get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for DENTSPLY SIRONA. Out of 556 times, XRAY closed higher 55.04% 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 three trading days, showing a win rate of 53.78% with an average market move of 0.15%.