ESPR ends the day on a bearish note closing near the low of the day


Esperion Therapeutics Inc (ESPR) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
ESPR closes below its opening price unable to hold early session gains
ESPR unable to break through key resistance level
ESPR closes lower for the 3rd day in a row
ESPR ends the day on a bearish note closing near the low of the day
ESPR finds buyers again around 45.98
TQ Sentiment
Report Sentiment: 40% Bearish
Technical Forecast:
Overview

Moving lower for the 3rd day in a row, ESPR finished the week -0.28% lower at 46.07 after losing $0.15 (-0.32%) today on low volume. Today's closing price of 46.07 marks the lowest close since August 1st. Trading $0.99 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for ESPR
Volatility

Friday's trading range was $1.45 (3.12%), that's slightly below last trading month's daily average range of $1.77. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 44.79 and 47.43 which it has been in now for the last trading week.

Price Action

Even with a strong opening the share closed below the previous day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

Unable to break through the key technical resistance level at 47.13, the stock closed below it after spiking as high as 47.43 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 46.06 in the prior session, ESPR found buyers again around the same price level today at 45.98.

Trend

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Selling could accelerate should prices move below the nearby swing low at 45.44 where further sell stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Esperion Therapeutics Inc
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Black Candle TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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