ASL.AX climbs to highest close since December 7, 2018
Ausdrill Limited (ASL.AX) Technical Analysis Report for Jan 11, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, ASL.AX ended the week 14.95% higher at 1.23 after gaining $0.01 (0.82%) today on low volume, significantly outperforming the ASX 200 (-0.36%). Today's close at 1.23 marks the highest recorded closing price since December 7, 2018. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ASL.AX as at Jan 11, 2019):
Friday's trading range has been $0.05 (4.0%), that's below the last trading month's daily average range of $0.06. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for ASL.AX.
Prices are trading close to the key technical resistance level at 1.26 (R1). After having been unable to move lower than 1.20 in the prior session, the share found buyers again around the same price level today at 1.20. The last time this happened on December 31, 2018, ASL.AX actually lost -5.04% on the following trading day.
Although the market is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Its common bullish interpretation has been confirmed for Ausdrill Limited. Out of 25 times, ASL.AX closed higher 64.00% 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 52.00% with an average market move of 1.08%.