CELG breaks key support level
Celgene Corporation (CELG) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (CELG as at May 17, 2018):
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.
Breaking below the key support level at 81.05 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.