ESPR ends the day on a bearish note closing near the low of the day
Esperion Therapeutics Inc. (ESPR) Technical Analysis Report for Mar 27, 2020 | by Techniquant Editorial Team
ESPR ended the week 3.31% higher at 35.29 after losing $2.10 (-5.62%) today on low volume, significantly underperforming the S&P 500 (-3.37%). Trading $1.27 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. 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 Mar 27, 2020):
Friday's trading range has been $2.51 (6.88%), that's far below the last trading month's daily average range of $4.31. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ESPR.
Although the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could accelerate should prices move above the close-by swing high at 39.52 where further buy stops might get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Down Close Near Low of Period" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Esperion Therapeutics. Out of 349 times, ESPR closed higher 55.87% 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 58.74% with an average market move of 1.92%.