QGEN unable to break through key resistance level

Qiagen N.V. (QGEN) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team


QGEN unable to break through key resistance level
QGEN pushes through Wednesday's high


QGEN ended Thursday at 40.81 gaining $0.95 (2.38%), significantly underperforming the S&P 500 (6.24%). Closing above Wednesday's high at 40.08, the stock confirmed its breakout through the prior session high after trading up to $2.33 above it intraday.

Daily Candlestick Chart (QGEN as at Mar 26, 2020):

Daily technical analysis candlestick chart for Qiagen N.V. (QGEN) as at Mar 26, 2020

Thursday's trading range has been $2.50 (6.25%), that's far above the last trading month's daily average range of $1.37. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for QGEN.

Unable to break through the key technical resistance level at 41.56 (R1), the market closed below it after spiking up to 42.41 earlier during the day. The failure to close above the resistance might increase that levels significance going forward. When prices bounced off a significant resistance level the last time on March 18th, QGEN lost -0.86% on the following trading day.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

2019's high at 43.16 is within reach and we could see further upside momentum should Qiagen N. V. manage to break out beyond.

Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Qiagen N. V.. Out of 354 times, QGEN closed lower 53.67% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after four trading days, showing a win rate of 47.74% with an average market move of -0.05%.

Market Conditions for QGEN as at Mar 26, 2020

Loading Market Conditions for QGEN (Qiagen N.V.)...
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