APA.AX falls to lowest close since September 14th
APA Group (APA.AX) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, APA.AX finished the week -3.18% lower at 9.75 after losing $0.06 (-0.61%) today. Today's close at 9.75 marks the lowest recorded closing price since September 14th. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (APA.AX as at Oct 12, 2018):
Friday's trading range was $0.13 (1.34%), that's below last trading month's daily average range of $0.17. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
Prices are trading close to a key support level at 9.73. Prices are trading close to the key resistance level at 9.85.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Further selling could move prices lower should the market test September's close-by low at 9.46.
Among the five market conditions that our engine recognized today, the statistics for the Price Action based condition "3 Consecutive Lower Closes" stands out. Though it is usually interpreted being bearish, it has actually shown to be bullish so far in the past for APA Group. Out of 118 times during the last ten years, APA.AX closed higher 61.02% of the time on the next trading day. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.47% with an average market move of 1.03%.