BMRN closes within previous day's range
BioMarin Pharmaceutical Inc. (BMRN) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
BMRN finished the month -2.86% lower at 119.81 after losing $1.91 (-1.57%) today, notably underperforming the Nasdaq 100 (1.78%). Today's close at 119.81 marks the lowest recorded closing price since June 18th. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (BMRN as at Jul 31, 2020):
Friday's trading range has been $4.21 (3.46%), that's slightly above the last trading month's daily average range of $3.74. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for BMRN.
After having been unable to move lower than 118.20 in the previous session, the market found buyers again around the same price level today at 117.72. The last time this happened on July 16th, BMRN gained 0.34% on the following trading day.
Although the share is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) below 20" stand out. Its common bullish interpretation has been confirmed for BioMarin Pharmaceutical. Out of 267 times, BMRN closed higher 53.18% 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 58.80% with an average market move of 1.64%.