BMRN pushes through Thursday's high
BioMarin Pharmaceutical Inc. (BMRN) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
BMRN finished the week -1.56% lower at 99.51 after gaining $2.21 (2.27%) today on low volume, slightly underperforming the Nasdaq 100 (2.77%). Trading up to $1.94 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on Monday, BMRN gained 2.90% on the following trading day. Closing above Thursday's high at 99.21, the share confirmed its breakout through the prior session high after trading up to $0.66 above it intraday.
Daily Candlestick Chart (BMRN as at Oct 12, 2018):
Friday's trading range has been $2.74 (2.77%), that's slightly above the last trading month's daily average range of $2.61. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for BMRN.
One bullish candlestick pattern matches today's price action, the Takuri Line.
The stock managed to break above the 100-day moving average at 97.86 today. Prices are trading close to the key technical resistance level at 100.20 (R1).
BioMarin Pharmaceutical shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Further selling might move prices lower should the market test September's nearby low at 95.16.
Among the 11 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Support S1" stand out. Its common bullish interpretation has been confirmed for BioMarin Pharmaceutical. Out of 507 times, BMRN closed higher 55.03% 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 59.57% with an average market move of 1.39%.