CELG still stuck within tight trading range
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.
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.
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.
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.
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.
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.
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.
|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|
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