PRGO closes above its opening price after recovering from early selling pressure


Perrigo Company plc (PRGO) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team

Highlights

PRGO pushes through key resistance level
PRGO closes above its opening price after recovering from early selling pressure
PRGO pushes through previous session high

Overview

PRGO ended Monday at 81.47 gaining $0.70 (0.87%). Trading up to $0.29 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Friday's high at 81.32, the share confirms its breakout through the previous session's high having traded $0.34 above it intraday.

Daily Candlestick Chart (PRGO as at Apr 16, 2018):

Daily technical analysis candlestick chart for Perrigo Company plc (PRGO) as at Apr 16, 2018

Monday's trading range was $0.79 (0.97%), that's far below last trading month's daily average range of $1.96. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way below average.

Breaking through the key resistance level at 81.42 today, it is now likely to act as support going forward.

While the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Selling might accelerate should prices move below the nearby swing low at 80.25 where further sell stops could get activated. With prices trading close to this year's low at 78.50, downside momentum might speed up should Perrigo break out to new lows for the year.


Market Conditions for PRGO as at Apr 16, 2018

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