AXAS finds buyers again around 0.15
Abraxas Petroleum Corporation (AXAS) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
AXAS finished Wednesday at 0.16 flat, slightly outperforming the S&P 500 (-0.46%).
Daily Candlestick Chart (AXAS as at Sep 16, 2020):
Wednesday's trading range has been $0.02 (13.33%), that's slightly above 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 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 market managed to close above the previous day's open and close, forming a bullish Engulfing Candle. Additionally, one bullish candlestick pattern matches today's price action, the Tweezer Bottom.
After having been unable to move lower than 0.15 in the prior session, Abraxas Petroleum found buyers again around the same price level today at 0.15. The last time this happened on September 9th, AXAS actually lost -5.88% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to previous low" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Abraxas Petroleum. Out of 639 times, AXAS closed lower 51.33% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after seven trading days, showing a win rate of 51.96% with an average market move of 0.28%.