CRSP closes within prior day's range
CRISPR Therapeutics AG (CRSP) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
CRSP finished the month 13.8% higher at 73.49 after losing $1.56 (-2.08%) today on high volume, notably underperforming the S&P 500 (1.54%). Trading up to $3.88 lower after the open, CRISPR Therapeutics managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (CRSP as at Jun 30, 2020):
Tuesday's trading range has been $5.01 (6.89%), that's above the last trading month's daily average range of $4.14. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CRSP.
One bearish candlestick pattern matches today's price action, the Hanging Man. The last time a Hanging Man showed up on April 13th, CRSP actually gained 5.17% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Hanging Man" stand out. Its common bearish interpretation has been confirmed for CRISPR Therapeutics. Out of 30 times, CRSP closed lower 60.00% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after two trading days, showing a win rate of 53.33% with an average market move of 0.25%.