AXAS finds buyers again around 0.20
Abraxas Petroleum Corporation (AXAS) Technical Analysis Report for Jul 30, 2020 | by Techniquant Editorial Team
AXAS ended Thursday at 0.21 flat, slightly outperforming the S&P 500 (-0.38%). 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 30, 2020):
Thursday's trading range has been $0.01 (4.76%), that's below the last trading month's daily average range of $0.02. 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.
Notwithstanding a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle. The last time this candlestick pattern showed up on July 21st, AXAS gained 13.64% on the following trading day. Additionally, six candlestick patterns are matching today's price action, the Dragonfly Doji, the Last Engulfing Bottom Pattern, the Southern Doji, the Takuri Line and the Tweezer Bottom which are known as bullish patterns and one neutral pattern, the Doji.
After having been unable to move lower than 0.20 in the prior session, the share found buyers again around the same price level today at 0.20.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 0.20 where further sell stops could get triggered. Trading close to May's low at 0.18 we might see further downside momentum if potential sell stops at the level get activated.
Among the 11 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 14 times, AXAS closed lower 57.14% of the time on the next trading day after the market condition occurred.