ABMD rallies 5.01% closing $9.84 higher
ABIOMED Inc. (ABMD) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
ABMD ended the week 11.49% higher at 206.16 after surging $9.84 (5.01%) today, significantly outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. This is the biggest single-day gain in over three weeks. The last time we've seen such an unusually strong single-day gain on April 30th, ABMD actually lost -4.06% on the following trading day. Today's close at 206.16 marks the highest recorded closing price since November 15, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 198.55, the stock confirmed its breakout through the previous session high after trading up to $8.66 above it intraday.
Daily Candlestick Chart (ABMD as at May 22, 2020):
Friday's trading range has been $11.18 (5.65%), that's above the last trading month's daily average range of $7.96. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ABMD.
One bullish candlestick pattern matches today's price action, the White Candle.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Strong Up Move" stand out. Its common bullish interpretation has been confirmed for ABIOMED. Out of 211 times, ABMD closed higher 52.61% 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 64.93% with an average market move of 2.60%.