NVCR closes higher for the 7th day in a row
NovoCure Limited (NVCR) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 7th day in a row, NVCR finished Wednesday at 107.25 gaining $2.79 (2.67%) on high volume, strongly outperforming the S&P 500 (-0.46%). Today's close at 107.25 marks the highest recorded closing price ever. Closing above Tuesday's high at 106.57, the market confirmed its breakout through the prior session high after trading up to $3.38 above it intraday.
Daily Candlestick Chart (NVCR as at Sep 16, 2020):
Wednesday's trading range has been $5.23 (4.96%), that's above the last trading month's daily average range of $3.34. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for NVCR.
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 85.29.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four 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 98 times, NVCR closed higher 52.04% 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 71.43% with an average market move of 3.98%.