ALXN dominated by bears dragging the market lower throughout the day
Alexion Pharmaceuticals Inc. (ALXN) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (ALXN as at Apr 16, 2018):
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.
In spite of a strong opening the market closed below the prior day's open and close, forming a bearish Engulfing Candle.
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.
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.
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.