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


Technical Analysis Report for PRGO - Apr 16, 2018 [< 1 min read]
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
TQ Sentiment
Technical Forecast:
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 chart for PRGO
Volatility

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.

Support/Resistance

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

Trend

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.

Order Flow

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.

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Price broke through Technical Resistance R1 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
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