AR closes lower for the 5th day in a row
Antero Resources Corporation (AR) Technical Analysis Report for Jun 11, 2019 | by Techniquant Editorial Team
Moving lower for the 5th day in a row, AR ended Tuesday at 6.08 losing $0.17 (-2.72%), notably underperforming the S&P 500 (-0.03%). Today's close at 6.08 marks the lowest recorded closing price ever. The bears were in full control today, moving the market lower throughout the whole session. Closing below Monday's low at 6.22, the market confirmed its breakout through the prior session low after trading up to $0.16 below it intraday.
Daily Candlestick Chart (AR as at Jun 11, 2019):
Tuesday's trading range has been $0.31 (4.92%), that's below the last trading month's daily average range of $0.37. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AR.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on June 5th, AR lost -2.12% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Lower Closes" stand out. Its common bearish interpretation has been confirmed for Antero Resources. Out of 19 times, AR closed lower 57.89% 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 52.63% with an average market move of -0.66%.