AXAS closes within prior day's range
Abraxas Petroleum Corporation (AXAS) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
AXAS finished Thursday at 0.11 flat, significantly underperforming the S&P 500 (6.24%). Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (AXAS as at Mar 26, 2020):
Thursday's trading range has been $0.02 (18.18%), that's slightly below the last trading month's daily average range of $0.02. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for AXAS.
Even with a weak opening the stock managed to close above the prior day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on March 13th, AXAS actually lost -7.69% on the following trading day. Additionally, four candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern and the Southern Doji which are both known as bullish patterns, one bearish pattern, the Gravestone Doji and one neutral pattern, the Doji.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 0.10 where further sell stops could get activated.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Engulfing Candle" stand out. Its common bullish interpretation has been confirmed for Abraxas Petroleum. Out of 97 times, AXAS closed higher 53.61% 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 53.61% with an average market move of 0.73%.