From an earlier low of $71.06, the largest employer-sponsored child care provider is on track to end the session around $73.3 after gaining $1.53 compared to last trading session's $71.77 (2.13%).
Bright Horizons Family Solutions's uptick comes amid good United States macroeconomic data released during the day — United States Initial Jobless Claims came out at 205,000, better than analyst estimates of 215,000 and improving upon the previous reading of 206,000.
Meanwhile, United States Consumer Price Index came out at -0.1%, while a consensus of analysts was expecting 0%. United States Core Consumer Prices released today at 13:30 UTC with a figure of 0.3%, while the previous figure was 0.2%.
Following today's trading session, chart analysis suggests Bright Horizons Family Solutions Inc. could be slowing down soon as it approaches resistance at $72.62. Of course, crossing it might suggest further gains are ahead. Trend-following investors would be interested to note that the Commodity Channel Index (CCI) indicator is above +100, meaning the market price is unusually high compared to the rolling average. Bright Horizons Family Solutions formed a session range of $71.06 to $73.74 leaving buyers and sellers highly concentrated around an active Fibonacci resistance level of $72.41. Asset volatility analysis shows that Bollinger Band® analysis indicates that current price action is approaching the upper band at $73.31, thereby suggesting that Bright Horizons Family Solutions is becoming overvalued.
Notwithstanding Bright Horizons Family Solutions's appreciation in recent days, the technical outlook suggests its bullish run is now fading.
This rally in Bright Horizons Family Solutions's share price coincides with other consumer discretionary stocks as Walt Disney is trading at $99.95 after ending yesterday's session at $96.33 (up 3.76%). Toyota is up 2.49%.
Meanwhile, after closing the previous session (yesterday) at $115, Alibaba lost $1.76 and is trading around $113.24.
The largest employer-sponsored child care provider has gained 9.16% since its lowest print of $55.75 earlier this year.