OPK closes higher for the 4th day in a row
Opko Health Inc. (OPK) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, OPK finished the month 49.56% higher at 3.41 after surging $0.46 (15.59%) today on high volume, notably outperforming the S&P 500 (1.54%). This is the biggest single-day gain in over three months. The last time we've seen such an unusually strong single-day gain on June 8th, OPK actually lost -2.22% on the following trading day. Today's close at 3.41 marks the highest recorded closing price since February 4, 2019. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Monday's high at 3.07, the market confirmed its breakout through the previous session high after trading up to $0.45 above it intraday.
Daily Candlestick Chart (OPK as at Jun 30, 2020):
Tuesday's trading range has been $0.53 (17.67%), that's far above the last trading month's daily average range of $0.23. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently significantly higher than usual for OPK.
One bullish candlestick pattern matches today's price action, the White Candle.
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 though might signal a potential change in momentum that could lead to a correction back down towards the center of the Bollinger Bands at 2.61.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the nine 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 Opko Health. Out of 88 times, OPK closed higher 55.68% 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 59.09% with an average market move of 2.21%.