REGN closes below its opening price unable to hold early session gains


Regeneron Pharmaceuticals Inc. (REGN) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team

Highlights

REGN breaks back below 20-day moving average
REGN closes below its opening price unable to hold early session gains
REGN closes within previous day's range

Overview

REGN finished Wednesday at 412.09 losing $4.25 (-1.02%) on low volume, strongly underperforming the Nasdaq 100 (0.02%). Trading $5.68 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Monday, REGN actually gained 1.92% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (REGN as at Feb 13, 2019):

Daily technical analysis candlestick chart for Regeneron Pharmaceuticals Inc. (REGN) as at Feb 13, 2019

Wednesday's trading range has been $10.15 (2.44%), that's slightly below the last trading month's daily average range of $10.77. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently significantly lower than usual for REGN.

The market closed back below the 20-day moving average at 414.33.

While Regeneron is currently in a short-term downtrend, this could just be a correction, as both the medium and long-term trends are still bullish.

With prices trading close to this year's high at 431.32, upside momentum might accelerate should the share be able to break out to new highs for the year.

Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Regeneron. Out of 410 times, REGN closed higher 53.90% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.66% with an average market move of 2.13%.


Market Conditions for REGN as at Feb 13, 2019

Loading Market Conditions for REGN (Regeneron Pharmaceuticals Inc.)...
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