ABP.AX finds buyers around 3.29 for the third day in a row
Abacus Property Group Units/ Stapled Securities (ABP.AX) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
ABP.AX ended the week 2.79% higher at 3.32 after flat today on low volume, slightly outperforming the ASX 200 (-0.11%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ABP.AX as at Nov 09, 2018):
Friday's trading range has been $0.05 (1.52%), that's below the last trading month's daily average range of $0.07. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ABP.AX. Prices continued to consolidate within a tight trading range between 3.29 and 3.37 where it has been caught now for the last three trading days.
Prices are trading close to the key technical resistance level at 3.36 (R1). The share found buyers again today around 3.29 for the third trading day in a row after having found demand at 3.29 in the prior session and at 3.30 two days ago. The last time this happened on August 31st, ABP.AX gained 0.57% on the following trading day.
Although the stock 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 3.36 where further buy stops could get activated.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Its common bullish interpretation has been confirmed for Abacus Property. Out of 655 times, ABP.AX closed higher 42.44% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 53.28% with an average market move of 0.66%.