BMRN closes within prior day's range after lackluster session


BioMarin Pharmaceutical Inc. (BMRN) Technical Analysis Report for Apr 16, 2018 [1 min read]
Highlights
BMRN runs into sellers around 84.31 for the third day in a row
BMRN dominated by bears dragging the market lower throughout the day
BMRN finds support at 50-day moving average
BMRN closes lower for the 2nd day in a row
BMRN ends the day on a bearish note closing near the low of the day
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

Moving lower for the 2nd day in a row, BMRN finished Monday at 82.69 losing $0.90 (-1.08%) on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for BMRN
Volatility

Monday's trading range was $2.01 (2.38%), that's below last trading month's daily average range of $2.72. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Support/Resistance

Prices are trading close to a key support level at 81.20. Prices are trading close to the key resistance level at 84.70. BioMarin Pharmaceutical ran into sellers again today around 84.31 for the third trading day in a row after having found sellers at 84.59 in the previous session and at 84.31 two days ago. After trading as low as 82.30 during the day, the share found support at the 50-day moving average at 82.40.

Trend

Though the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying might accelerate should prices move above the nearby swing high at 84.59 where further buy stops could get activated. Further buying might move prices higher should the market test March's close-by high at 86.74.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for BioMarin Pharmaceutical Inc.
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bearish Spinning Top TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
More market conditions identified for TQ Pro members...
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