PRGO closes within prior day's range after lackluster session
Perrigo Company plc (PRGO) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, PRGO finished Thursday at 75.86 edging higher $0.18 (0.24%) on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (PRGO as at May 17, 2018):
Thursday's trading range was $0.91 (1.2%), that's below last trading month's daily average range of $2.09. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 73.90 and 76.37 which it has been in now for the last three days.
Prices are trading close to a key support level at 74.51. After having been unable to move lower than 75.40 in the previous session, Perrigo found buyers again around the same price level today at 75.46.
While the share 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.