AGN dominated by bulls lifting the market higher throughout the day
Allergan plc (AGN) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
AGN finished Thursday at 175.54 gaining $6.54 (3.87%), significantly underperforming 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 172.52, the share confirmed its breakout through the previous session high after trading up to $3.41 above it intraday.
Daily Candlestick Chart (AGN as at Mar 26, 2020):
Thursday's trading range has been $5.89 (3.46%), that's slightly below the last trading month's daily average range of $6.71. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for AGN.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 13th, AGN actually lost -10.42% on the following trading day.
The market managed to close back above the 200-day moving average at 174.47 for the first time since March 13th.
Although Allergan plc is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Price broke through Technical Resistance R1" stand out. Its common bullish interpretation has been confirmed for Allergan plc. Out of 243 times, AGN closed higher 57.20% 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 56.38% with an average market move of 0.38%.