XON breaks above 100-day moving average for the first time since October 10, 2018
Intrexon Corporation (XON) Technical Analysis Report for Jun 11, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XON finished Tuesday at 6.00 surging $0.45 (8.11%) on high volume, significantly outperforming the S&P 500 (-0.03%). This is the biggest single-day gain in over three months. Today's close at 6.00 marks the highest recorded closing price since February 28th.
Daily Candlestick Chart (XON as at Jun 11, 2019):
Tuesday's trading range has been $0.44 (7.71%), that's far above the last trading month's daily average range of $0.30. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for XON.
One bullish candlestick pattern matches today's price action, the White Candle.
Intrexon managed to close above the 100-day moving average at 5.80 for the first time since October 10, 2018. When this moving average was crossed above the last time on September 24, 2018, XON actually lost -9.33% on the following trading day.
Crossing above the upper Bollinger Band for the first time since June 5th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 4.97 or signal the beginning of a strong momentum breakout leading to even higher prices.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "Close crossed above the upper Bollinger Band" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Intrexon. Out of 47 times, XON closed lower 51.06% 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 63.83% with an average market move of -3.01%.