BIIB closes within prior day's range after lackluster session
Biogen Inc. (BIIB) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
BIIB finished the week -3.81% lower at 304.53 after edging higher $0.07 (0.02%) today on low volume, slightly underperforming the Nasdaq 100 (0.38%) ahead of tomorrow's Memorial Day market holiday. Trading up to $3.31 lower after the open, Biogen managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (BIIB as at May 22, 2020):
Friday's trading range has been $3.78 (1.24%), that's far below the last trading month's daily average range of $8.63. Weekly volatility is also lower, being slightly below 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 Takuri Line. The last time a Takuri Line showed up on March 10th, BIIB actually lost -3.72% on the following trading day.
While the stock is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Further selling might move prices lower should the market test April's nearby low at 289.02.