NKTR closes higher for the 3rd day in a row
Nektar Therapeutics (NKTR) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, NKTR ended Wednesday at 20.31 gaining $0.30 (1.5%), significantly outperforming the S&P 500 (-0.46%). Today's close at 20.31 marks the highest recorded closing price since August 11th. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (NKTR as at Sep 16, 2020):
Wednesday's trading range has been $0.63 (3.15%), that's slightly above the last trading month's daily average range of $0.58. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for NKTR.
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 although might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 19.23.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Nektar Therapeutics. Out of 137 times, NKTR closed higher 59.12% 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 51.09% with an average market move of 0.96%.