GWPH closes within previous day's range
GW Pharmaceuticals Plc (GWPH) Technical Analysis Report for Jul 11, 2019 | by Techniquant Editorial Team
GWPH finished Thursday at 174.63 gaining $1.93 (1.12%) on high volume, outperforming the S&P 500 (0.23%). Trading up to $4.65 lower after the open, GW Pharmaceuticals managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (GWPH as at Jul 11, 2019):
Thursday's trading range has been $5.33 (3.06%), that's slightly above the last trading month's daily average range of $4.94. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for GWPH.
One bullish candlestick pattern matches today's price action, the Takuri Line.
The market managed to close back above the 20-day moving average at 173.15. When this moving average was crossed above the last time on Tuesday, GWPH actually lost -2.88% on the following trading day. Prices are trading close to the key technical resistance level at 178.50 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Further buying might move prices higher should the market test June's nearby high at 182.05.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Bounce off SMA 100" stand out. Its common bullish interpretation has been confirmed for GW Pharmaceuticals. Out of 15 times, GWPH closed higher 80.00% 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 53.33% with an average market move of 0.33%.