Trade-Ideas LLC identified Steris ( STE) as a "water-logged and getting wetter" (weak stocks crossing below support with today's range greater than 200%) candidate. In addition to specific proprietary factors, Trade-Ideas identified Steris as such a stock due to the following factors:

  • STE has an average dollar-volume (as measured by average daily share volume multiplied by share price) of $67.1 million.
  • STE has traded 781,605 shares today.
  • STE traded in a range 253.9% of the normal price range with a price range of $3.81.
  • STE traded below its daily resistance level (quality: 24 days, meaning that the stock is crossing a resistance level set by the last 24 calendar days. The resistance price is defined by the Price - $0.01 at the time of the signal).

Stocks matching the 'Water-Logged and Getting Wetter' criteria are worthwhile stocks to watch for a variety of factors including historical back testing and volatility. Trade-Ideas targets these opportunities because the stock is exhibiting an unusual behavior while displaying negative price action. In this case, the stock crossed an important inflection point; namely, "support" while at the same time the range of the stock's movement in price is twice its normal size. This large range foreshadows a possible continuation as the stock moves lower.

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More details on STE:

Steris Plc provides infection prevention, contamination control, surgical, and critical care technologies worldwide. The stock currently has a dividend yield of 1.3%. STE has a PE ratio of 34.

The average volume for Steris has been 1.0 million shares per day over the past 30 days. Steris has a market cap of $4.5 billion and is part of the health care sector and health services industry. The stock has a beta of 1.30 and a short float of 16.5% with 10.67 days to cover. Shares are up 17.7% year-to-date as of the close of trading on Tuesday.

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