AXAS breaks back below 100-day moving average
Abraxas Petroleum Corporation (AXAS) Technical Analysis Report for Jul 14, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, AXAS ended Tuesday at 0.20 losing $0.01 (-4.76%), notably underperforming the S&P 500 (1.34%).
Daily Candlestick Chart (AXAS as at Jul 14, 2020):
Tuesday's trading range has been $0.02 (9.52%), that's slightly below the last trading month's daily average range of $0.03. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AXAS.
The market closed back below the 100-day moving average at 0.20. When this moving average was crossed below the last time on July 9th, AXAS actually gained 10.00% on the following trading day.
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 close-by swing low at 0.19 where further sell stops could get activated. Trading close to May's low at 0.18 we might see further downside momentum if potential sell stops at the level get triggered.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bearish Break through SMA 100" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Abraxas Petroleum. Out of 71 times, AXAS closed higher 52.11% 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 six trading days, showing a win rate of 49.30% with an average market move of -0.62%.