NVCR pops to highest close ever
NovoCure Limited (NVCR) Technical Analysis Report for Aug 13, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, NVCR finished Tuesday at 88.77 gaining $2.07 (2.39%), outperforming the S&P 500 (1.51%). Today's close at 88.77 marks the highest recorded closing price ever. Trading up to $1.41 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Monday's high at 88.06, the stock confirmed its breakout through the previous session high after trading up to $1.06 above it intraday.
Daily Candlestick Chart (NVCR as at Aug 13, 2019):
Tuesday's trading range has been $4.12 (4.77%), that's above the last trading month's daily average range of $3.41. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for NVCR.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar. The last time this happened on July 18th, NVCR actually lost -2.30% on the following trading day. Additionally, 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.
Prices are trading close to the key technical support level at 86.58 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for NovoCure. Out of 90 times, NVCR closed higher 52.22% 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 70.00% with an average market move of 4.44%.