NKTR dominated by bulls lifting the market higher throughout the day
Nektar Therapeutics (NKTR) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NKTR finished the month 6.73% higher at 23.16 after gaining $0.74 (3.3%) today, notably outperforming the S&P 500 (1.54%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 22.92, Nektar Therapeutics confirmed its breakout through the previous session high after trading up to $0.41 above it intraday.
Daily Candlestick Chart (NKTR as at Jun 30, 2020):
Tuesday's trading range has been $1.08 (4.85%), that's above the last trading month's daily average range of $0.96. 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 NKTR.
Two candlestick patterns are matching today's price action, the White Candle which is known as bullish pattern and one bearish pattern, the Last Engulfing Top Pattern. The last time a Last Engulfing Top Pattern showed up on May 15th, NKTR actually gained 2.72% on the following trading day.
Prices are trading close to the key technical resistance level at 23.35 (R1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 23.96 where further buy stops might get triggered.
Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for Nektar Therapeutics. Out of 297 times, NKTR closed lower 57.24% of the time on the next trading day after the market condition occurred.