ZTS dominated by bears dragging the market lower throughout the day
Zoetis (ZTS) Technical Analysis Report for Sep 14, 2018
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.
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.
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.
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.
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.
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.
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||Direction||Win Rate||Win Rate||Exit Day||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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