ESPR closes higher for the 3rd day in a row
Esperion Therapeutics Inc. (ESPR) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ESPR ended the week 5.2% higher at 43.90 after gaining $1.68 (3.98%) today, strongly outperforming the S&P 500 (-0.01%). Closing above Thursday's high at 42.59, the market confirmed its breakout through the previous session high after trading up to $1.92 above it intraday.
Daily Candlestick Chart (ESPR as at Jan 11, 2019):
Friday's trading range has been $3.31 (7.93%), that's slightly above the last trading month's daily average range of $3.03. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ESPR.
One bullish candlestick pattern matches today's price action, the White Candle.
The stock managed to close above the 20-day moving average at 43.79 for the first time since December 12, 2018. When this moving average was crossed above the last time on November 30, 2018, ESPR gained 8.28% on the following trading day. Prices are trading close to the key technical resistance level at 45.93 (R1).
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Esperion Therapeutics. Out of 87 times, ESPR closed higher 54.02% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 52.87% with an average market move of 2.31%.