AGIO fails to close above 20-day moving average
Agios Pharmaceuticals Inc. (AGIO) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, AGIO ended Thursday at 37.75 edging higher $0.39 (1.04%), notably underperforming the S&P 500 (6.24%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (AGIO as at Mar 26, 2020):
Thursday's trading range has been $4.17 (11.26%), that's slightly above the last trading month's daily average range of $4.01. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for AGIO.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top which is known as bullish pattern and one bearish pattern, the Shooting Star. The last time a Shooting Star showed up on March 6th, AGIO lost -5.65% on the following trading day.
After spiking up to 40.39 during the day, the share found resistance at the 20-day moving average at 39.94.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 20" stand out. Its common bearish interpretation has been confirmed for Agios Pharmaceuticals. Out of 38 times, AGIO closed lower 55.26% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 57.89% with an average market move of -3.13%.