AXAS dominated by bulls lifting the market higher throughout the day


Abraxas Petroleum Corporation (AXAS) Technical Analysis Report for Sep 18, 2020 | by Techniquant Editorial Team

Highlights

AXAS runs into sellers around 0.17 for the third day in a row
AXAS dominated by bulls lifting the market higher throughout the day

Overview

AXAS ended the week 13.33% higher at 0.17 after flat today, significantly outperforming the S&P 500 (-1.12%). The bulls were in full control today, moving the market higher throughout the whole session.

Daily Candlestick Chart (AXAS as at Sep 18, 2020):

Daily technical analysis candlestick chart for Abraxas Petroleum Corporation (AXAS) as at Sep 18, 2020

Friday's trading range has been $0.01 (6.25%), that's slightly 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 higher than usual for AXAS.

Three candlestick patterns are matching today's price action, the Tweezer Top and the White Candle which are both known as bullish patterns and one bearish pattern, the Last Engulfing Top Pattern. The last time a Last Engulfing Top Pattern showed up on June 4th, AXAS actually gained 27.27% on the following trading day.

The market ran into sellers again today around 0.17 for the third trading day in a row after having found sellers at 0.17 in the prior session and at 0.17 two days ago.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

As prices are trading close to September's high at 0.19, upside momentum might accelerate should the stock mark new highs for the month.

Among the eight market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Top Pattern" stand out. Its common bearish interpretation has been confirmed for Abraxas Petroleum. Out of 45 times, AXAS closed lower 60.00% of the time on the next trading day after the market condition occurred.


Market Conditions for AXAS as at Sep 18, 2020

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