PTLA rises to highest close since August 31, 2018
Portola Pharmaceuticals Inc. (PTLA) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, PTLA ended Wednesday at 29.64 gaining $0.27 (0.92%) on low volume, outperforming the S&P 500 (0.3%). Today's close at 29.64 marks the highest recorded closing price since August 31, 2018. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (PTLA as at Feb 13, 2019):
Wednesday's trading range has been $0.79 (2.68%), that's below the last trading month's daily average range of $1.12. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for PTLA.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top. The last time a Bullish Spinning Top showed up on Monday, PTLA gained 1.28% on the following trading day.
The share managed to close above the 200-day moving average at 29.52 for the first time since February 1, 2018.
With another close above the upper Bollinger Band, prices are confirming their strong upward momentum in the short-term. A drop back into the Bollinger Band on the next trading day though could signal a potential change in momentum that might lead to a correction back down towards the center of the Bollinger Bands at 27.10.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "4 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Portola Pharmaceuticals. Out of 46 times, PTLA closed higher 63.04% of the time on the next trading day after the market condition occurred.