REGN closes within prior day's range
Regeneron Pharmaceuticals Inc. (REGN) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
REGN finished the month 1.35% higher at 632.07 after gaining $0.60 (0.1%) today, strongly underperforming the Nasdaq 100 (1.78%). 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 Jul 31, 2020):
Friday's trading range has been $16.08 (2.53%), that's slightly below the last trading month's daily average range of $18.83. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for REGN. Prices continued to consolidate within a tight trading range between 613.29 and 641.38 where it has been caught now for the whole last trading week.
Prices are trading close to the key technical resistance level at 641.38 (R1).
Although the market 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 nearby swing high at 641.38 where further buy stops might get activated. With prices trading close to this year's high at 664.64, upside momentum could speed up should the share be able to break out to new highs for the year.