ZTS dominated by bears dragging the market lower throughout the day

Zoetis (ZTS) Technical Analysis Report for Sep 14, 2018

Highlights

ZTS dominated by bears dragging the market lower throughout the day
ZTS ends the day on a bearish note closing near the low of the day
ZTS finds buyers again around 88.85
ZTS closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 33% Bearish
Technical Forecast:

Overview

ZTS finished the week -0.47% lower at 89.01 after losing $0.69 (-0.77%) today on high volume. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for ZTS

Volatility

Friday's trading range was $0.87 (0.97%), that's below last trading month's daily average range of $1.04. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Even with a strong opening Zoetis closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 88.66. After having been unable to move lower than 88.84 in the prior session, the market found buyers again around the same price level today at 88.85.

Trend

While the stock is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.

Order Flow

Buying might speed up should prices move above the nearby swing high at 89.89 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 87.93 where further sell stops could get triggered.

Conclusion

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 Zoetis

Condition Forecast Direction Win Rate Exit Day Events
2 Consecutive Lower Closes TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Bearish Break through SMA 50 TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
More market conditions identified for TQ Pro members...
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ZTS breaks below 50-day moving average

Sep 17, 2018
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