AXAS closes higher for the 2nd day in a row


Abraxas Petroleum Corporation (AXAS) Technical Analysis Report for Aug 10, 2018 [< 1 min read]
Highlights
AXAS dominated by bulls lifting the market higher throughout the day
AXAS closes higher for the 2nd day in a row
AXAS ends the day on a bullish note closing near the high of the day
AXAS pushes through previous session high
TQ Sentiment
Report Sentiment: 80% Bullish
Technical Forecast:
Overview

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 chart for AXAS
Volatility

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.

Price Action

Even with a weak opening the stock managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Trend

While still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

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.

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for Abraxas Petroleum Corporation
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Bullish Short Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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