ACH closes -1.19% lower at 5.79
Aluminum Corporation of China Limited American Depositary Shares (ACH) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
ACH finished Wednesday at 5.79 losing $0.07 (-1.19%), underperforming the S&P 500 (-0.46%).
Daily Candlestick Chart (ACH as at Sep 16, 2020):
Wednesday's trading range has been $0.08 (1.37%), that's below the last trading month's daily average range of $0.11. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for ACH.
While the share is currently in a short-term downtrend, this might just be a correction, as both the medium and long-term trends are still bullish.
Buying could accelerate should prices move above the nearby swing high at 5.93 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 5.74 where further sell stops might get triggered.
Among the three 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 Aluminum. Out of 739 times, ACH closed lower 53.04% 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 53.72% with an average market move of -0.73%.