ENDP breaks above 50-day moving average for the first time since June 9th
Endo International plc (ENDP) Technical Analysis Report for Aug 03, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, ENDP ended Monday at 3.62 gaining $0.14 (4.02%), significantly outperforming the S&P 500 (0.72%). Today's close at 3.62 marks the highest recorded closing price since June 16th. The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (ENDP as at Aug 03, 2020):
Monday's trading range has been $0.21 (6.03%), that's slightly above the last trading month's daily average range of $0.21. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for ENDP.
One bullish candlestick pattern matches today's price action, the White Candle.
Endo International managed to close above the 50-day moving average at 3.60 for the first time since June 9th. When this moving average was crossed above the last time on June 3rd, ENDP actually lost -0.50% on the following trading day. Prices are trading close to the key technical resistance level at 3.71 (R1).
While the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 50" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Endo International. Out of 67 times, ENDP closed lower 55.22% of the time on the next trading day after the market condition occurred.