CTD.AX snaps to lowest close since January 31st
Corp Travel Limited (CTD.AX) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, CTD.AX ended the week -6.57% lower at 23.60 after losing $0.33 (-1.38%) today, notably underperforming the ASX 200 (-0.07%). Today's close at 23.60 marks the lowest recorded closing price since January 31st. The bears were in full control today, moving the market lower throughout the whole session.
Daily Candlestick Chart (CTD.AX as at Mar 15, 2019):
Friday's trading range has been $0.38 (1.59%), that's far below the last trading month's daily average range of $0.95. Weekly volatility is also lower, being below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CTD.AX.
Two candlestick patterns are matching today's price action, the Bearish Short Candle and the Black Candle which are both known as bearish patterns. The last time a Bearish Short Candle showed up on Tuesday, CTD.AX actually gained 0.99% on the following trading day.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Further selling could move prices lower should the market test February's nearby low at 23.48.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for Corp Travel. Out of 465 times, CTD.AX closed higher 47.31% 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 60.22% with an average market move of 1.93%.