REGN snaps to lowest close since February 22nd
Regeneron Pharmaceuticals Inc. (REGN) Technical Analysis Report for Apr 16, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, REGN ended Monday at 318.20 losing $3.36 (-1.04%). Today's closing price of 318.20 marks the lowest close since February 22nd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 319.26, the stock confirms its breakout through the prior session's low having traded $1.63 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (REGN as at Apr 16, 2018):
Monday's trading range was $6.77 (2.09%), that's below last trading month's daily average range of $10.54. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 320.71 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 315.37 where further sell stops could get triggered. With prices trading close to this year's low at 313.53, downside momentum might accelerate should the share break out to new lows for the year.