Portola Pharmaceuticals, Inc. (NASDAQ:PTLA) fell by -7.19% during last session from $60.39 to $56.05. The price has fallen in 6 of the last 10 days and is down by -11.79% over the same course of time. Volume has increased during last session by 1.59 million shares, but on a weak note. This is may be an early warning and the risk will be increased slightly for the next couple of days. In total, 2.17 M shares exchanged hands for about $121.57 million.
Inside PTLA’s Recent Trend
Portola Pharmaceuticals, Inc. (PTLA) lies in the lower part of a very wide and strong rising trend in the short term, and this will normally pose a very good buying opportunity. A break down through the resistance trend line at $55.83 will initially suggest a lower tendency for gains in the price and this might very well be an early sign that a trend shift is coming. Short-term traders are predicted to see a rally of 82.39% over the course of a quarter and, with 90% chance the price will be floating in the range of $101.83 and $139.04 in this timeframe.
Portola Pharmaceuticals, Inc. Technical Signals
PTLA has witnessed its long term and short term MA triggering a sell signal. Upon corrections, the price will meet resistance from the averages between $60.42 and $60.24. A buy signal will be generated if it crosses above any of these levels. Its pivot point high generated sell signal on Wednesday August 02, 2017, which calls for additional declines until the stock forms a new pivot point low, as this could be a buying opportunity. Volume up and price depreciating is getting our attention as this movement is seen as bearish sign.
Portola Pharmaceuticals, Inc. (NASDAQ:PTLA) Support And Resistance Levels
Portola Pharmaceuticals, Inc. (PTLA) recorded volume accumulation so there will probably be a surplus of buyers at $55.42. In case of gains, the next resistance from accumulated volume will not be far away from today’s level at $56.06, $56.91 and $61.70.
Accumulated volume is going to prevent the price from rising further at $56.06 and this action will lead the price to take a temporary pause or stay muted for a few days.
Portola Pharmaceuticals, Inc. (PTLA) Risk Assessment
The number of shares changed hands in the stock is good, indicating the interest and low risk associated with it. In the most recent session, the stock price hovered around $3.42 (6.30%) between intraday high and intraday low. Each day in the past 1 week, the average volatility remained at 3.15%.
Portola Pharmaceuticals is in oversold territory based on Relative Strength Index reading (18). In some cases it takes more time for the trend to shift while the stock is being oversold and the Relative Strength Index keeps moving.