OPK rises to highest close since February 1, 2019
Opko Health Inc. (OPK) Technical Analysis Report for Jul 02, 2020 | by Techniquant Editorial Team
Moving higher for the 6th day in a row, OPK finished Thursday at 3.54 gaining $0.11 (3.21%), significantly outperforming the S&P 500 (0.45%) ahead of tomorrow's Independence Day OBS market holiday. Today's close at 3.54 marks the highest recorded closing price since February 1, 2019. Trading up to $0.18 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (OPK as at Jul 02, 2020):
Thursday's trading range has been $0.39 (11.14%), that's above the last trading month's daily average range of $0.27. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for OPK.
Two candlestick patterns are matching today's price action, the Bullish High-Wave Candle and the Bullish Spinning Top which are both known as bullish patterns. The last time a Bullish Spinning Top showed up on June 2nd, OPK actually lost -6.61% on the following trading day.
After having been unable to move lower than 3.32 in the previous session, the market found buyers again around the same price level today at 3.32.
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 while could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 2.73.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "6 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Opko Health. Out of 13 times, OPK closed higher 46.15% 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 69.23% with an average market move of 2.94%.