EXEL closes higher for the 4th day in a row
Exelixis Inc. (EXEL) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, EXEL finished Wednesday at 26.63 surging $1.50 (5.97%) on high volume, significantly outperforming the S&P 500 (-0.46%). Today's close at 26.63 marks the highest recorded closing price since May 12th.
Daily Candlestick Chart (EXEL as at Sep 16, 2020):
Wednesday's trading range has been $2.09 (8.23%), that's far above the last trading month's daily average range of $0.87. 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 EXEL.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, EXEL gained 1.62% on the following trading day.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 22.18.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 27.80, upside momentum might speed up should the market be able to break out to new highs for the year.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(14) above 70" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Exelixis. Out of 51 times, EXEL closed higher 56.86% 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 56.86% with an average market move of 2.93%.