BPT.AX closes higher for the 2nd day in a row
Beach Energy Limited (BPT.AX) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, BPT.AX finished the week 1.95% higher at 2.09 after gaining $0.01 (0.48%) today, outperforming the ASX 200 (-0.07%). Trading $0.04 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on Monday, BPT.AX actually gained 3.00% on the following trading day. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (BPT.AX as at Mar 15, 2019):
Friday's trading range has been $0.08 (3.81%), that's far above the last trading month's daily average range of $0.06. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly lower than usual for BPT.AX.
Two candlestick patterns are matching today's price action, the Bearish Spinning Top and the Bearish High-Wave Candle which are both known as bearish patterns.
Prices are trading close to the key technical support level at 2.05 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Beach Energy. Out of 236 times, BPT.AX closed higher 47.03% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 51.27% with an average market move of 1.43%.