ALXN breaks back below 200-day moving average
Alexion Pharmaceuticals Inc. (ALXN) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
ALXN ended the month -8.69% lower at 102.49 after losing $2.32 (-2.21%) today, significantly underperforming the Nasdaq 100 (1.78%).
Daily Candlestick Chart (ALXN as at Jul 31, 2020):
Friday's trading range has been $3.52 (3.39%), that's slightly above the last trading month's daily average range of $3.03. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ALXN.
Prices are trading close to the key technical support level at 100.11 (S1). The market closed back below the 200-day moving average at 104.54 for the first time since July 24th. When this moving average was crossed below the last time on July 24th, ALXN actually gained 5.28% on the following trading day.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 200" stand out. Its common bearish interpretation has been confirmed for Alexion Pharmaceuticals. Out of 50 times, ALXN closed lower 54.00% 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 56.00% with an average market move of -0.23%.