BIIB dominated by bulls lifting the market higher throughout the day
Biogen Inc. (BIIB) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, BIIB finished Thursday at 304.94 gaining $19.96 (7.0%) on low volume, significantly outperforming the Nasdaq 100 (5.72%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 300.84, the stock confirmed its breakout through the previous session high after trading up to $5.93 above it intraday.
Daily Candlestick Chart (BIIB as at Mar 26, 2020):
Thursday's trading range has been $22.03 (7.74%), that's slightly above the last trading month's daily average range of $20.51. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for BIIB.
One bullish candlestick pattern matches today's price action, the White Candle.
The share managed to close back above the 100-day moving average at 299.56 for the first time since March 17th. When this moving average was crossed above the last time on March 17th, BIIB actually lost -2.17% on the following trading day. Prices are trading close to the key technical resistance level at 308.77 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 100" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Biogen. Out of 62 times, BIIB closed lower 61.29% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 54.84% with an average market move of -0.92%.