XRAY pushes through key resistance level
XRAY finished Monday at 50.19 gaining $1.19 (2.43%). Today's closing price of 50.19 marks the highest close since April 4th. Closing above Friday's high at 49.72, the market confirms its breakout through the prior session's high having traded $0.82 above it intraday.
Monday's trading range was $1.47 (2.98%), that's slightly above last trading month's daily average range of $1.35. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 48.81 and 50.54 which it has been in now for the last trading week.
Breaking through the key resistance level at 49.77 today, it is now likely to act as support going forward.
Although the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
With prices trading close to this year's low at 48.25, downside momentum might accelerate should the share break out to new lows for the year. As prices are trading close to April's high at 50.96, upside momentum could speed up should XRAY mark new highs for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
Market Conditions for Dentsply International
|Black Candle||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Bullish Bounce off SMA 20||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bearish Break through SMA 50||TQ Pro Members Only|
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