CSR.AX closes higher for the 2nd day in a row


CSR Limited (CSR.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team

Highlights

CSR.AX finds buyers at key support level
CSR.AX closes higher for the 2nd day in a row
CSR.AX runs into sellers again around 3.13
CSR.AX still stuck within tight trading range
CSR.AX ends the day indecisive

Overview

Moving higher for the 2nd day in a row, CSR.AX finished Wednesday at 3.12 gaining $0.03 (0.97%), strongly outperforming the ASX 200 (-0.25%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (CSR.AX as at Feb 13, 2019):

Daily technical analysis candlestick chart for CSR Limited (CSR.AX) as at Feb 13, 2019

Wednesday's trading range has been $0.07 (2.24%), that's slightly below the last trading month's daily average range of $0.08. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CSR.AX. Prices continued to consolidate within a tight trading range between 3.01 and 3.13 where it has been caught now for the whole last trading week.

Four candlestick patterns are matching today's price action, the Bearish Doji Star, the Hanging Man and the Northern Doji which are known as bearish patterns and one neutral pattern, the Doji.

After trading down to 3.06 earlier during the day, the stock bounced off the key technical support level at 3.07 (S1). The failure to close below the support might increase that levels significance as support going forward. When prices bounced off a significant support level the last time on February 4th, CSR.AX gained 4.12% on the following trading day. After having been unable to move above 3.12 in the previous session, the share ran into sellers again around the same price level today, missing to move higher than 3.13.

While still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Buying could accelerate should prices move above the nearby swing high at 3.13 where further buy stops might get triggered.

Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Doji Star" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for CSR Limited. Out of 8 times, CSR.AX closed higher 50.00% 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 62.50% with an average market move of 1.95%.


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