CHC.AX closes lower for the 3rd day in a row
Charter Hall Group Stapled Securities US Prohibite (CHC.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, CHC.AX ended Wednesday at 8.45 losing $0.05 (-0.59%), slightly underperforming the ASX 200 (-0.25%). Trading $0.05 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 February 1st, CHC.AX actually gained 1.46% on the following trading day. Closing below Tuesday's low at 8.47, the share confirmed its breakout through the prior session low after trading up to $0.03 below it intraday.
Daily Candlestick Chart (CHC.AX as at Feb 13, 2019):
Wednesday's trading range has been $0.12 (1.41%), that's slightly below the last trading month's daily average range of $0.12. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for CHC.AX.
Prices are trading close to the key technical support level at 8.38 (S1).
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Close near low of period" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for Charter Hall. Out of 513 times, CHC.AX closed higher 52.83% 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 61.01% with an average market move of 1.81%.