BIIB snaps to lowest close since March 25th
Biogen Inc. (BIIB) Technical Analysis Report for Apr 16, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, BIIB ended Tuesday at 228.72 losing $3.65 (-1.57%), strongly underperforming the Nasdaq 100 (0.34%). Today's close at 228.72 marks the lowest recorded closing price since March 25th. Closing below Monday's low at 231.57, Biogen confirmed its breakout through the prior session low after trading up to $4.12 below it intraday.
Daily Candlestick Chart (BIIB as at Apr 16, 2019):
Tuesday's trading range has been $5.99 (2.58%), that's slightly below the last trading month's daily average range of $6.81. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BIIB.
One bearish candlestick pattern matches today's price action, the Black Candle.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 216.12, downside momentum could speed up should the stock break out to new lows for the year.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Biogen. Out of 531 times, BIIB closed higher 59.32% 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 54.61% with an average market move of 0.88%.