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

Highlights

BGNE closes above its opening price after recovering from early selling pressure
BGNE closes lower for the 2nd day in a row
BGNE closes within previous day's range

Overview

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):

Daily technical analysis candlestick chart for BeiGene Ltd. (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%.


Market Conditions for BGNE as at Jun 30, 2020

Loading Market Conditions for BGNE (BeiGene Ltd.)...
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when BeiGene Ltd. traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!