EXEL dominated by bulls lifting the market higher throughout the day
Exelixis Inc. (EXEL) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
EXEL finished Thursday at 17.28 surging $1.51 (9.58%) on low volume, significantly outperforming the S&P 500 (6.24%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 16.40, the stock confirmed its breakout through the prior session high after trading up to $0.88 above it intraday.
Daily Candlestick Chart (EXEL as at Mar 26, 2020):
Thursday's trading range has been $1.63 (10.34%), that's above the last trading month's daily average range of $1.33. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for EXEL.
Two candlestick patterns are matching today's price action, the Bullish Closing Marubozu and the White Candle which are both known as bullish patterns. The last time a Bullish Closing Marubozu showed up on November 4, 2016, EXEL gained 3.78% on the following trading day.
Exelixis managed to close above the 20-day moving average at 16.91 for the first time since March 4th. Prices are trading close to the key technical resistance level at 17.54 (R1).
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Exelixis. Out of 166 times, EXEL closed lower 50.60% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after two trading days, showing a win rate of 57.83% with an average market move of -0.11%.