REGN closes above its opening price after recovering from early selling pressure
Regeneron Pharmaceuticals Inc. (REGN) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
REGN ended the month 1.77% higher at 623.65 after gaining $12.78 (2.09%) today, slightly outperforming the Nasdaq 100 (1.96%). Trading up to $10.77 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (REGN as at Jun 30, 2020):
Tuesday's trading range has been $14.87 (2.39%), that's below the last trading month's daily average range of $21.36. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for REGN.
Two candlestick patterns are matching today's price action, the Bullish Spinning Top and the Takuri Line which are both known as bullish patterns. The last time a Takuri Line showed up on June 16th, REGN gained 1.72% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 644.70 where further buy stops could get triggered. Selling might accelerate should prices move below the nearby swing low at 601.56 where further sell stops could get activated. With prices trading close to this year's high at 646.33, upside momentum might speed up should the stock be able to break out to new highs for the year.
Among the seven 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 723 times, REGN closed higher 51.87% 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 56.29% with an average market move of 1.73%.