PRGO closes within previous day's range
Perrigo Company plc (PRGO) Technical Analysis Report for Jun 01, 2020 | by Techniquant Editorial Team
PRGO finished Monday at 55.44 gaining $0.67 (1.22%), outperforming the S&P 500 (0.38%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (PRGO as at Jun 01, 2020):
Monday's trading range has been $1.48 (2.72%), that's slightly above the last trading month's daily average range of $1.38. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for PRGO.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on May 18th, PRGO gained 0.15% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 56.26 where further buy stops could get triggered.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bullish for Perrigo. Out of 760 times, PRGO closed higher 51.18% of the time on the next trading day after the market condition occurred.