CX ends the day indecisive
Cemex S.A.B. de C.V. Sponsored ADR (CX) Technical Analysis Report for Jun 19, 2019 | by Techniquant Editorial Team
CX finished Wednesday at 4.15 flat, slightly underperforming the S&P 500 (0.3%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (CX as at Jun 19, 2019):
Wednesday's trading range has been $0.09 (2.16%), that's below the last trading month's daily average range of $0.15. 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 CX.
Three candlestick patterns are matching today's price action, the Hammer and the Last Engulfing Bottom Pattern which are both known as bullish patterns and one bearish pattern, the Bearish Spinning Top. The last time a Bearish Spinning Top showed up on June 7th, CX actually gained 6.30% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 4.22 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 4.06 where further sell stops might get activated. With prices trading close to this year's low at 3.94, downside momentum could speed up should the share break out to new lows for the year. As prices are trading close to June's low at 4.04, downside momentum might accelerate should the stock mark new lows for the month.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Last Engulfing Bottom Pattern" stand out. Its common bullish interpretation has been confirmed for Cemex S. A. B.. Out of 70 times, CX closed higher 54.29% of the time on the next trading day after the market condition occurred.