AST.AX slips to lowest close since September 26th
Ausnet Services Limited (AST.AX) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
AST.AX ended the week -2.41% lower at 1.62 after tanking $0.02 (-1.22%) today, significantly underperforming the market (ASX 200, 0.2%). This is the biggest single-day loss in over two days. Today's close at 1.62 marks the lowest recorded closing price since September 26th.
Daily Candlestick Chart (AST.AX as at Oct 12, 2018):
Friday's trading range was $0.04 (2.44%), that's far above last trading month's daily average range of $0.02. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly above average.
One bullish candlestick pattern matches today's price action, the Last Engulfing Bottom Pattern.
After having been unable to move above 1.64 in the previous session, the stock ran into sellers again around the same price level today, failing to move higher than 1.64. After trading as low as 1.60 during the day, the share found support at the 100-day moving average at 1.61.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The market broke below the 50-day moving average at 1.62 today for the first time since September 26th. The last time this happened on September 26th, AST.AX gained 0.62% on the following trading day.
Buying could speed up should prices move above the nearby swing high at 1.64 where further buy stops might get activated.
Among the eight market conditions that our engine recognized today, the statistics for the Support/Resistance based condition "Bearish Break through SMA 50" stands out. Although it is usually interpreted being bearish, it has actually shown to be bullish so far in the past for Ausnet Services. Out of 41 times during the last ten years, AST.AX closed higher 53.66% 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 63.41% with an average market move of 1.02%.