VRTX closes lower for the 2nd day in a row

Vertex Pharmaceuticals Inc (VRTX) Technical Analysis Report for Apr 16, 2018

Highlights

Traders officially love to sell VRTX against 163.01 level
VRTX dominated by bears dragging the market lower throughout the day
VRTX finds buyers at key support level
VRTX closes lower for the 2nd day in a row
VRTX ends the day on a bearish note closing near the low of the day

TQ Sentiment

Report Sentiment: 50% Bearish
Technical Forecast:

Overview

Moving lower for the 2nd day in a row, VRTX ended Monday at 158.70 losing $2.69 (-1.67%). Today's closing price of 158.70 marks the lowest close since April 9th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Friday's low at 160.41, the share confirms its breakout through the prior session's low having traded $2.31 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for VRTX

Volatility

Monday's trading range was $4.91 (3.01%), that's slightly below last trading month's daily average range of $5.45. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.

Support/Resistance

After trading as low as 158.10 during the day, the stock bounced off the key support level at 158.36. The failure to close below the support could increase that levels importance as support going forward. The market was sold again around 163.01 after having seen highs at 163.08, 163.45 and 162.94 in the last three trading sessions. Obviously there is something going on at that level.

Trend

VRTX shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.

Order Flow

Buying might speed up should prices move above the nearby swing high at 163.45 where further buy stops could get activated. As prices are trading close to April's high at 163.49, upside momentum might accelerate should the share mark new highs for the month. As prices are trading close to April's low at 152.60, downside momentum could speed up should the stock mark new lows for the month.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Vertex Pharmaceuticals Inc

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Latest Report:

VRTX breaks below 20-day moving average

Sep 21, 2018
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