ZBH closes lower for the 2nd day in a row
Zimmer Biomet Holdings Inc. (ZBH) Technical Analysis Report for Feb 21, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, ZBH ended the week -1.88% lower at 157.39 after losing $1.00 (-0.63%) today, but still slightly outperforming the S&P 500 (-1.05%). 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 21, 2020):
Friday's trading range has been $3.12 (1.97%), that's slightly above the last trading month's daily average range of $2.98. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for ZBH.
While the market is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. Its common bullish interpretation has been confirmed for Zimmer Biomet. Out of 248 times, ZBH closed higher 54.84% 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 60.08% with an average market move of 0.78%.