ALXN dominated by bears dragging the market lower throughout the day


Alexion Pharmaceuticals (ALXN) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
ALXN runs into sellers around 112.87 for the third day in a row
ALXN dominated by bears dragging the market lower throughout the day
ALXN ends the day on a bearish note closing near the low of the day
ALXN breaks below previous session low
ALXN falls to lowest close since April 6th
TQ Sentiment
Report Sentiment: 62% Bearish
Technical Forecast:
Overview

ALXN finished Monday at 109.48 losing $1.90 (-1.71%). Today's closing price of 109.48 marks the lowest close since April 6th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 110.86, the share confirms its breakout through the previous session's low having traded $1.57 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for ALXN
Volatility

Monday's trading range was $3.58 (3.19%), that's slightly below last trading month's daily average range of $3.81. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way below average.

Price Action

In spite of a strong opening the market closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 107.51. The stock ran into sellers again today around 112.87 for the third trading day in a row after having found sellers at 113.00 in the previous session and at 113.10 two days ago.

Trend

Though ALXN is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Selling might speed up should prices move below the close-by swing low at 107.73 where further sell stops could get triggered. With prices trading close to this year's low at 104.95, downside momentum might accelerate should the share break out to new lows for the year. As prices are trading close to April's low at 106.10, downside momentum could speed up should the market mark new lows for the month.

Conclusion

While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Alexion Pharmaceuticals
ConditionForecastDirectionWinAvgWorstBestEvents
White Candle TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bullish Short Candle TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
More market conditions identified for TQ Pro members...
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