AXAS finds support at 100-day moving average
Abraxas Petroleum Corporation (AXAS) Technical Analysis Report for Jul 29, 2020 | by Techniquant Editorial Team
AXAS ended Wednesday at 0.21 flat, notably underperforming the S&P 500 (1.24%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (AXAS as at Jul 29, 2020):
Wednesday's trading range has been $0.01 (4.76%), that's far below the last trading month's daily average range of $0.02. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for AXAS.
Four candlestick patterns are matching today's price action, the Dragonfly Doji, the Southern Doji and the Takuri Line which are known as bullish patterns and one neutral pattern, the Doji.
After trading as low as 0.20 during the day, the market found support at the 100-day moving average at 0.21. The last time this happened on July 20th, AXAS gained 4.76% on the following trading day.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling could accelerate should prices move below the close-by swing low at 0.20 where further sell stops might get activated. Trading close to May's low at 0.18 we could see further downside momentum if potential sell stops at the level get triggered.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Dragonfly Doji" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for Abraxas Petroleum. Out of 13 times, AXAS closed lower 61.54% of the time on the next trading day after the market condition occurred.