SGMO climbs to highest close since December 6, 2019
Sangamo Therapeutics Inc. (SGMO) Technical Analysis Report for May 22, 2020 | by Techniquant Editorial Team
Moving higher for the 7th day in a row, SGMO finished the week 14.64% higher at 11.51 after gaining $0.39 (3.51%) today, notably outperforming the S&P 500 (0.24%) ahead of tomorrow's Memorial Day market holiday. Today's close at 11.51 marks the highest recorded closing price since December 6, 2019. Closing above Thursday's high at 11.19, the stock confirmed its breakout through the prior session high after trading up to $0.35 above it intraday.
Daily Candlestick Chart (SGMO as at May 22, 2020):
Friday's trading range has been $0.65 (5.86%), that's slightly above the last trading month's daily average range of $0.63. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for SGMO.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on Tuesday, SGMO gained 1.39% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Sangamo Therapeutics. Out of 422 times, SGMO closed lower 53.55% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 52.84% with an average market move of -0.62%.