ESRX unable to break through key resistance level
Moving higher for the 3rd day in a row, ESRX ended Monday at 71.99 gaining $0.37 (0.52%) on low volume. Today's closing price of 71.99 marks the highest close since March 20th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Monday's trading range was $1.28 (1.78%), that's below last trading month's daily average range of $1.86. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way below average.
Unable to break through the key technical resistance level at 72.95, the market closed below it after spiking as high as 73.11 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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|Bounced off Technical Resistance R1||TQ Pro Members Only|
|3 Consecutive Higher Closes||TQ Pro Members Only|
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