GOIL falls to lowest close since September 3, 2019
Gasoil (GOIL) Technical Analysis Report for Jan 23, 2020 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, GOIL ended Thursday at 551.75 losing $1.25 (-0.23%) on high volume. Today's close at 551.75 marks the lowest recorded closing price since September 3, 2019. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (GOIL as at Jan 23, 2020):
Thursday's trading range has been $14.25 (2.58%), that's slightly above the last trading month's daily average range of $13.89. Weekly volatility is also higher, being above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for GOIL.
One bullish candlestick pattern matches today's price action, the Takuri Line. The last time a Takuri Line showed up on November 8, 2019, GOIL actually lost -0.43% on the following trading day.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Takuri Line" stand out. While it is usually interpreted as bullish, it has actually shown to be bearish for Gasoil. Out of 31 times, GOIL closed lower 74.19% 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 51.61% with an average market move of -1.48%.
With two of the other Energy Markets closing higher and two closing lower today, the winners of the day are NATGAS surging 0.42% and HEATOIL gaining 0.15%. On the flipside the worst performers have been CRUDE closing -0.67% lower and GASOLINE losing -0.36%. Read more