XRAY pushes through key resistance level
DENTSPLY SIRONA Inc. (XRAY) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
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.
Daily Candlestick Chart (XRAY as at Apr 16, 2018):
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.