AHG.AX slides to lowest close since February 21st
Automotive Holdings (AHG.AX) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
AHG.AX ended the week -5.1% lower at 1.86 after losing $0.02 (-1.06%) today, underperforming the ASX 200 (-0.07%). Today's close at 1.86 marks the lowest recorded closing price since February 21st. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (AHG.AX as at Mar 15, 2019):
Friday's trading range has been $0.08 (4.3%), that's below the last trading month's daily average range of $0.14. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for AHG.AX.
Five candlestick patterns are matching today's price action, the Bullish Hikkake Pattern and the Southern Doji which are both known as bullish patterns and three neutral patterns, the Doji, the Long-Legged Doji and the Rickshaw-Man. The last time a Bullish Hikkake Pattern showed up on February 15th, AHG.AX gained 8.54% on the following trading day.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Hikkake Pattern" stand out. Its common bullish interpretation has been confirmed for Automotive Holdings. Out of 99 times, AHG.AX closed higher 50.51% 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 53.54% with an average market move of 0.76%.