STRATUSD closes within prior day's range

Stratis/US Dollar Index (STRATUSD) Technical Analysis Report for Oct 26, 2020 | by Techniquant Editorial Team


STRATUSD runs into sellers again around 0.46
STRATUSD closes within previous day's range


STRATUSD ended Monday at 0.44 flat. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily Candlestick Chart (STRATUSD as at Oct 26, 2020):

Daily technical analysis candlestick chart for Stratis/US Dollar Index (STRATUSD) as at Oct 26, 2020

Monday's trading range has been $0.03 (6.82%), that's slightly above the last trading month's daily average range of $0.03. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for STRATUSD.

Five candlestick patterns are matching today's price action, the Tweezer Top which is known as bullish pattern, two bearish patterns, the Gravestone Doji and the Northern Doji and two neutral patterns, the Doji and the Long-Legged Doji. The last time a Gravestone Doji showed up on October 15th, STRATUSD lost -6.82% on the following trading day.

After having been unable to move above 0.46 in the previous session, Stratis ran into sellers again around the same price level today, failing to move higher than 0.46.

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

Buying might speed up should prices move above the nearby swing high at 0.46 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 0.41 where further sell stops could get triggered. As prices are trading close to October's high at 0.48, upside momentum might speed up should STRAT/USD mark new highs for the month.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing High" stand out. Though it is usually interpreted as neutral, it has actually shown to be bearish for STRAT/USD. Out of 378 times, STRATUSD closed lower 44.44% 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 51.59% with an average market move of 0.74%.

Market Conditions for STRATUSD as at Oct 26, 2020

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