PRGO closes above its opening price after recovering from early selling pressure
Perrigo (PRGO) Technical Analysis Report for Apr 16, 2018
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.
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.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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