FGEN pushes through Tuesday's high
FibroGen Inc (FGEN) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, FGEN ended Wednesday at 45.02 gaining $0.95 (2.16%), strongly outperforming the S&P 500 (-0.46%). Closing above Tuesday's high at 44.27, the stock confirmed its breakout through the previous session high after trading up to $1.71 above it intraday.
Daily Candlestick Chart (FGEN as at Sep 16, 2020):
Wednesday's trading range has been $1.97 (4.48%), that's slightly above the last trading month's daily average range of $1.96. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for FGEN.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Monday, FGEN gained 0.89% on the following trading day.
Prices are trading close to the key technical support level at 43.84 (S1). Prices are trading close to the key technical resistance level at 46.20 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for FibroGen. Out of 273 times, FGEN closed lower 53.85% 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 10 trading days, showing a win rate of 46.89% with an average market move of 0.21%.