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ESRX unable to break through key resistance level


Technical Analysis Report for ESRX - Apr 16, 2018 [< 1 min read]
Highlights
ESRX unable to break through key resistance level
ESRX closes higher for the 3rd day in a row
ESRX rises to highest close since March 20th
ESRX closes within previous day's range after lackluster session
ESRX ends the day indecisive
TQ Sentiment
Technical Forecast:
Overview

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.

Daily chart for ESRX
Volatility

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.

Support/Resistance

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.

Trend

The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Resistance R1 TQ Pro Members Only
3 Consecutive Higher Closes TQ Pro Members Only
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