ASL.AX dominated by bulls lifting the market higher throughout the day
Ausdrill Limited (ASL.AX) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, ASL.AX finished the week -1.32% lower at 1.50 after gaining $0.04 (2.74%) today, strongly outperforming the ASX 200 (-0.11%). The bulls were in full control today, moving the market higher throughout the whole session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (ASL.AX as at Nov 09, 2018):
Friday's trading range has been $0.04 (2.74%), that's below the last trading month's daily average range of $0.08. 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 ASL.AX.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns.
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 Technical Indicators based market condition "RSI(2) above 80" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Ausdrill Limited. Out of 250 times, ASL.AX closed higher 48.80% 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 53.20% with an average market move of 2.58%.