GOIL closes within prior day's range after lackluster session


Gasoil (GOIL) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team

Highlights

GOIL closes below its opening price unable to hold early session gains
GOIL fails to close above 50-day moving average
GOIL closes within previous day's range after lackluster session

Overview

GOIL finished the week 7.47% higher at 568.50 after edging lower $2.00 (-0.35%) today. Trading $8.50 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on November 27, 2018, GOIL lost -2.02% on the following trading day. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.

Daily Candlestick Chart (GOIL as at Jan 11, 2019):

Daily technical analysis candlestick chart for Gasoil (GOIL) as at Jan 11, 2019

Friday's trading range has been $16.25 (2.85%), that's below the last trading month's daily average range of $20.76. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for GOIL.

One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.

After spiking up to 579.50 during the day, the contract found resistance at the 50-day moving average at 575.71.

While GOIL is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.

Further buying might move prices higher should the market test December's close-by high at 589.25.

Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Bounce off SMA 50" stand out. Its common bearish interpretation has been confirmed for Gasoil. Out of 44 times, GOIL closed lower 56.82% 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 nine trading days, showing a win rate of 50.00% with an average market move of 0.51%.

With three out of the other four Energy Markets closing lower today, the ones that stand out on the negative side are CRUDE losing -1.16% and GASOLINE closing -0.87% lower. On the flipside the best performer has been NATGAS closing 6.91% higher. Read more


Market Conditions for GOIL as at Jan 11, 2019

Loading Market Conditions for GOIL (Gasoil)...
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GOIL stuck within tight trading range

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