ESPR dominated by bears dragging the market lower throughout the day
Esperion Therapeutics Inc. (ESPR) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
ESPR ended the week 14.19% higher at 70.50 after losing $3.34 (-4.52%) today on high volume, notably underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 71.00, the market confirmed its breakout through the previous session low after trading up to $1.79 below it intraday.
Daily Candlestick Chart (ESPR as at Feb 14, 2020):
Friday's trading range has been $4.24 (5.78%), that's above the last trading month's daily average range of $3.54. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for ESPR.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on February 6th, ESPR actually gained 6.48% on the following trading day.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and might now be heading back down towards the mean of the Bollinger Bands at 59.02.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Esperion Therapeutics. Out of 377 times, ESPR closed higher 56.50% 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 57.29% with an average market move of 2.16%.