ZBH finds buyers again around 122.42
Zimmer Biomet Holdings Inc. (ZBH) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
ZBH finished Wednesday at 123.56 losing $0.39 (-0.31%), underperforming the S&P 500 (0.3%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (ZBH as at Feb 13, 2019):
Wednesday's trading range has been $2.02 (1.63%), that's slightly below the last trading month's daily average range of $2.26. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for ZBH.
Prices are trading close to the key technical resistance level at 125.00 (R1). After having been unable to move lower than 122.14 in the previous session, the market found buyers again around the same price level today at 122.42. The last time this happened on February 8th, ZBH gained 1.37% on the following trading day.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior low" stand out. Its common bullish interpretation has been confirmed for Zimmer Biomet. Out of 522 times, ZBH closed higher 50.38% 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 10 trading days, showing a win rate of 57.66% with an average market move of 0.79%.