CTD.AX fails to close above 100-day moving average
Corp Travel Limited (CTD.AX) Technical Analysis Report for Oct 12, 2018
Moving lower for the 2nd day in a row, CTD.AX ended the week -2.94% lower at 28.68 after edging lower $0.02 (-0.07%) today, slightly underperforming the market (ASX 200, 0.2%). Today's close at 28.68 marks the lowest recorded closing price since August 13th. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (CTD.AX as at Oct 12, 2018):
Friday's trading range was $0.53 (1.86%), that's slightly below last trading month's daily average range of $0.61. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
One bullish candlestick pattern matches today's price action, the Bullish Hikkake Pattern.
Prices are trading close to a key support level at 28.55. After spiking up to 28.85 during the day, the market found resistance at the 100-day moving average at 28.82. The last time this happened on February 2nd, CTD.AX lost -1.48% on the following trading day.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Trading close to August's low at 28.19 we might see further downside momentum if potential sell stops at the level get triggered.
Among the four market conditions that our engine recognized today, the statistics for the OHLC Patterns based condition "Bullish Hikkake Pattern" stands out. It's common interpretation of being bullish has so far been confirmed for Corp Travel in the past. Out of 83 times during the last ten years, CTD.AX closed higher 55.42% of the time on the next trading day. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 57.83% with an average market move of 2.08%.