ZTS dominated by bulls lifting the market higher throughout the day

Zoetis Inc. Class A (ZTS) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


ZTS pushes through key technical resistance level
ZTS dominated by bulls lifting the market higher throughout the day
ZTS closes higher for the 3rd day in a row
ZTS pushes through Wednesday's high


Moving higher for the 3rd day in a row, ZTS finished Thursday at 117.91 gaining $9.70 (8.96%), notably outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 112.99, the stock confirmed its breakout through the prior session high after trading up to $5.70 above it intraday.

Daily Candlestick Chart (ZTS as at Mar 26, 2020):

Daily technical analysis candlestick chart for Zoetis Inc. Class A (ZTS) as at Mar 26, 2020

Thursday's trading range has been $9.18 (8.38%), that's slightly above the last trading month's daily average range of $8.25. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for ZTS.

One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, ZTS gained 4.29% on the following trading day.

Buyers managed to take out the key technical resistance level at 112.89 (now S1), which is likely to act as support going forward. Prices are trading close to the key technical resistance level at 121.92 (R1).

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "White Candle" stand out. Its common bullish interpretation has been confirmed for Zoetis. Out of 413 times, ZTS closed higher 52.06% 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 59.32% with an average market move of 0.73%.

Market Conditions for ZTS as at Mar 26, 2020

Loading Market Conditions for ZTS (Zoetis Inc. Class A)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Zoetis Inc. Class A traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!