CELG breaks key support level


Celgene Corp. (CELG) Technical Analysis Report for May 17, 2018 [< 1 min read]
Highlights
CELG breaks key support level
CELG closes lower for the 3rd day in a row
CELG breaks below previous session low
CELG falls to lowest close since June 17, 2014
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, CELG ended Thursday at 79.98 losing $1.38 (-1.7%). Today's closing price of 79.98 marks the lowest close since June 17, 2014. Closing below Wednesday's low at 81.18, the share confirms its breakout through the prior session's low having traded $2.02 below it intraday.

Daily chart for CELG
Volatility

Thursday's trading range was $2.06 (2.54%), that's slightly below last trading month's daily average range of $2.40. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly above average.

Support/Resistance

Breaking below the key support level at 81.05 today, it is now likely to act as resistance going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

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
Down Close Near Low of Period TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Very Strong Down Move TQ Pro Members Only
Bearish Break through SMA 200 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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