AZJ.AX closes lower for the 2nd day in a row
Aurizon Holdings Limited (AZJ.AX) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, AZJ.AX ended the week -3.14% lower at 4.01 after losing $0.01 (-0.25%) today. Today's close at 4.01 marks the lowest recorded closing price since April 13, 2016. Trading up to $0.03 lower after the open, Aurizon Holdings managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on September 24th, AZJ.AX gained 0.24% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (AZJ.AX as at Oct 12, 2018):
Friday's trading range was $0.06 (1.5%), that's slightly below last trading month's daily average range of $0.07. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being above average.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the five market conditions that our engine recognized today, the statistics for the Technical Indicators based condition "RSI(14) below 30" stands out. While it is usually interpreted being bullish, it has actually shown to be bearish so far in the past for Aurizon Holdings. Out of 16 times during the last ten years, AZJ.AX closed lower 62.50% of the time on the next trading day. The optimal exit for swing trading this condition on the short side has been after 10 trading days, showing a win rate of 56.25% with an average market move of -0.80%.