XRAY rises to highest close since June 9th
DENTSPLY SIRONA Inc. (XRAY) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, XRAY finished Wednesday at 47.39 gaining $1.03 (2.22%), notably outperforming the Nasdaq 100 (-1.67%). Today's close at 47.39 marks the highest recorded closing price since June 9th.
Daily Candlestick Chart (XRAY as at Sep 16, 2020):
Wednesday's trading range has been $1.44 (3.08%), that's above the last trading month's daily average range of $1.12. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for XRAY.
The share managed to close above the 200-day moving average at 47.06 for the first time since June 8th. When this moving average was crossed above the last time on June 8th, XRAY actually lost -5.20% on the following trading day. Prices are trading close to the key technical resistance level at 48.14 (R1).
Crossing above the upper Bollinger Band for the first time since August 5th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 44.40 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the upper Bollinger Band" stand out. Its common bullish interpretation has been confirmed for DENTSPLY SIRONA. Out of 74 times, XRAY closed higher 55.41% 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 two trading days, showing a win rate of 52.70% with an average market move of -0.07%.