CELG closes within previous day's range
Celgene Corp. (CELG) Technical Analysis Report for Sep 14, 2018
CELG ended the week -3.64% lower at 87.17 after losing $1.57 (-1.77%) today on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was $2.09 (2.35%), that's above last trading month's daily average range of $1.76. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar.
Prices are trading close to a key support level at 86.05. After having been unable to move lower than 87.12 in the previous session, the market found buyers again around the same price level today at 86.88.
Celgene Corp. shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Selling could speed up should prices move below the close-by swing low at 86.33 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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