AXAS closes higher for the 2nd day in a row
Abraxas Petroleum Corporation (AXAS) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, AXAS finished the week -6.3% lower at 2.23 after gaining $0.08 (3.72%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 2.19, the share confirms its breakout through the prior session's high having traded $0.05 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (AXAS as at Aug 10, 2018):
Friday's trading range was $0.09 (4.19%), that's below last trading month's daily average range of $0.12. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being above average.
Even with a weak opening the stock managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
With prices trading close to this year's low at 2.03, downside momentum could accelerate should the market break out to new lows for the year.