OPK breaks below 200-day moving average
Opko Health Inc (OPK) Technical Analysis Report for Sep 14, 2018
Moving lower for the 5th day in a row, OPK ended the week -14.85% lower at 3.90 after tanking $0.68 (-14.85%) today on high volume. Today's closing price of 3.90 marks the lowest close since May 31st. Trading $0.55 higher after the open, Opko Health was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Friday's low at 4.02, the market confirms its breakout through the previous session's low having traded $0.25 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was $0.78 (19.5%), that's far above last trading month's daily average range of $0.33. Weekly volatility is also higher, being way above the markets average with the monthly volatility being way above average.
After spiking up to 4.55 during the day, the stock has been sold off at those price levels and formed a bearish Pin Bar closing $0.65 below today's high.
After spiking up to 4.55 during the day, the share found resistance at the 200-day moving average at 4.46.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already. OPK broke below the 200-day moving average at 4.46 today for the first time since June 21st.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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