REGN dominated by bulls lifting the market higher throughout the day
Regeneron Pharmaceuticals Inc. (REGN) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
REGN ended the week 2.94% higher at 414.47 after gaining $6.97 (1.71%) today on high volume, outperforming the Nasdaq 100 (0.88%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 412.36, the share confirmed its breakout through the previous session high after trading up to $2.64 above it intraday.
Daily Candlestick Chart (REGN as at Mar 15, 2019):
Friday's trading range has been $6.53 (1.6%), that's below the last trading month's daily average range of $9.43. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for REGN.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Regeneron managed to close back above the 50-day moving average at 414.26. When this moving average was crossed above the last time on Monday, REGN gained 1.35% on the following trading day.
Though the stock is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Buying could accelerate should prices move above the close-by swing high at 421.80 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 406.34 where further sell stops might get triggered. Further selling could move prices lower should the market test February's close-by low at 399.29.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Regeneron. Out of 692 times, REGN closed higher 51.16% 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 57.08% with an average market move of 1.87%.