CELG still stuck within tight trading range


Celgene Corp. (CELG) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
CELG finds buyers around 77.09 for the third day in a row
CELG pushes through 20-day moving average
CELG still stuck within tight trading range
CELG closes within previous day's range
TQ Sentiment
Report Sentiment: 42% Bullish
Technical Forecast:
Overview

CELG ended Thursday at 78.39 gaining $1.01 (1.31%). Closing within the previous day's range, prices failed to decisively move past the prior day's trading range.

Daily chart for CELG
Volatility

Thursday's trading range was $1.72 (2.22%), that's slightly above last trading month's daily average range of $1.56. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 77.09 and 79.24 which it has been in now for the last trading week.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.

Support/Resistance

Prices are trading close to the key resistance level at 79.24. The share found buyers again today around 77.09 for the third trading day in a row after having found demand at 77.30 in the previous session and at 77.29 two days ago.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The market managed to break above the 20-day moving average at 78.19 today for the first time since April 10th.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 79.24 where further buy stops might get activated. As prices are trading close to June's high at 79.67, upside momentum could speed up should Celgene Corp. mark new highs for the month.

Conclusion

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

Market Conditions for Celgene Corp.
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
RSI(14) above 70 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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