OPK closes below its opening price unable to hold early session gains
Opko Health Inc. (OPK) Technical Analysis Report for Aug 07, 2020 | by Techniquant Editorial Team
OPK finished the week 9.32% higher at 5.63 after losing $0.03 (-0.53%) today, underperforming the S&P 500 (0.06%). Trading $0.11 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on July 28th, OPK actually gained 3.76% on the following trading day. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (OPK as at Aug 07, 2020):
Friday's trading range has been $0.25 (4.42%), that's below the last trading month's daily average range of $0.44. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for OPK.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. Additionally, one bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 5.88 where further buy stops could get activated.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Opko Health. Out of 365 times, OPK closed higher 51.78% 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 56.71% with an average market move of 1.68%.