BGNE closes above its opening price after recovering from early selling pressure
BeiGene Ltd. (BGNE) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BGNE ended the month 13.81% higher at 188.40 after losing $0.80 (-0.42%) today, notably underperforming the S&P 500 (1.54%). Trading up to $4.76 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on June 22nd, BGNE gained 2.16% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (BGNE as at Jun 30, 2020):
Tuesday's trading range has been $7.77 (4.18%), that's above the last trading month's daily average range of $6.57. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for BGNE.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bullish Intraday Reversal" stand out. Its common bullish interpretation has been confirmed for BeiGene Ltd.. Out of 201 times, BGNE closed higher 52.24% 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 59.20% with an average market move of 2.76%.