CTX.AX declines to lowest close since September 10th


Caltex Australia Ltd (CTX.AX) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team

Highlights

CTX.AX closes above its opening price after recovering from early selling pressure
CTX.AX finds buyers at key support level
CTX.AX closes lower for the 2nd day in a row
CTX.AX falls to lowest close since September 10th
CTX.AX ends the day indecisive

Overview

Moving lower for the 2nd day in a row, CTX.AX finished the week -3.09% lower at 29.16 after losing $0.31 (-1.05%) today. Today's close at 29.16 marks the lowest recorded closing price since September 10th. Trading up to $0.30 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. The last time this happened on October 10th, CTX.AX lost -1.60% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (CTX.AX as at Oct 12, 2018):

Daily technical analysis candlestick chart for Caltex Australia Ltd (CTX.AX) as at Oct 12, 2018

Friday's trading range was $0.42 (1.44%), that's below last trading month's daily average range of $0.51. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being below average.

Two candlestick patterns are matching today's price action, the Bullish Spinning Top and the Takuri Line which are both known as bullish patterns.

After trading as low as 28.82 during the day, Caltex Australia bounced off the key support level at 29.03. The failure to close below the support might increase that levels importance as support going forward.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

With prices trading close to this year's low at 28.44, downside momentum could speed up should the market break out to new lows for the year.

Among the seven market conditions that our engine recognized today, the statistics for the OHLC Patterns based condition "Takuri Line" stands out. While it is usually interpreted being bullish, it has actually shown to be bearish so far in the past for Caltex Australia. Out of 56 times during the last ten years, CTX.AX closed lower 58.93% of the time on the next trading day.


Market Conditions for CTX.AX as at Oct 12, 2018

Loading Market Conditions for CTX.AX (Caltex Australia Ltd)...
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