CELG rises to highest close since January 31, 2018
Celgene Corporation (CELG) Technical Analysis Report for Oct 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, CELG finished the week 0.7% higher at 100.57 after gaining $0.76 (0.76%) today, underperforming the Nasdaq 100 (1.34%). Today's close at 100.57 marks the highest recorded closing price since January 31, 2018. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (CELG as at Oct 11, 2019):
Friday's trading range has been $0.97 (0.97%), that's slightly below the last trading month's daily average range of $0.99. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CELG.
Prices are trading close to the key technical support level at 99.85 (S1).
Crossing above the upper Bollinger Band for the first time since August 28th, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 99.05 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on August 28th, CELG actually lost -0.39% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Gap Up" stand out. Its common bullish interpretation has been confirmed for Celgene. Out of 83 times, CELG closed higher 61.45% 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 51.81% with an average market move of 0.88%.