INGN pushes through Tuesday's high
Inogen Inc (INGN) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, INGN finished Wednesday at 28.64 gaining $0.51 (1.81%), notably outperforming the S&P 500 (-0.46%). Closing above Tuesday's high at 28.50, the share confirmed its breakout through the prior session high after trading up to $0.52 above it intraday.
Daily Candlestick Chart (INGN as at Sep 16, 2020):
Wednesday's trading range has been $1.06 (3.76%), that's slightly below the last trading month's daily average range of $1.08. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for INGN.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. The last time this happened on August 5th, INGN actually lost -1.38% on the following trading day.
Buyers managed to take out the key technical resistance level at 28.28 (now S1), which is likely to act as support going forward. After spiking up to 29.02 during the day, the market found resistance at the 20-day moving average at 28.84. After having been unable to move lower than 27.99 in the previous session, Inogen found buyers again around the same price level today at 27.96.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
As prices are trading close to September's high at 30.21, upside momentum might speed up should the stock mark new highs for the month.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Outside Bar" stand out. Its common bullish interpretation has been confirmed for Inogen. Out of 83 times, INGN closed higher 55.42% 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 63.86% with an average market move of 1.54%.