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
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 Candlestick Chart (ESPR as at Aug 10, 2018):
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.
Even with a strong opening the share closed below the previous day's open and close, forming a bearish Engulfing Candle.
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.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Selling could accelerate should prices move below the nearby swing low at 45.44 where further sell stops might get triggered.