CWY.AX closes higher for the 2nd day in a row
Cleanaway Waste Limited (CWY.AX) Technical Analysis Report for Dec 07, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CWY.AX ended the week 1.76% higher at 1.73 after gaining $0.02 (1.17%) today on low volume, outperforming the ASX 200 (0.42%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (CWY.AX as at Dec 07, 2018):
Friday's trading range has been $0.03 (1.74%), that's below the last trading month's daily average range of $0.05. 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 CWY.AX.
The market managed to close above the 20-day moving average at 1.73 for the first time since November 20th. When this moving average was crossed above the last time on November 16th, CWY.AX gained 6.90% on the following trading day. After having been unable to move above 1.74 in the previous session, Cleanaway Waste ran into sellers again around the same price level today, missing to move higher than 1.74.
Though the share is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Buying could accelerate should prices move above the nearby swing high at 1.77 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 1.69 where further sell stops might get triggered.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Technical Indicators based market condition "RSI(2) above 80" stand out. Its common bearish interpretation has been confirmed for Cleanaway Waste. Out of 245 times, CWY.AX closed lower 43.27% of the time on the next trading day after the market condition occurred. The optimal exit for swing trading this condition on the short side has been after five trading days, showing a win rate of 47.76% with an average market move of -0.01%.