CX closes -1.72% lower at 4.0
Cemex S.A.B. de C.V. Sponsored ADR (CX) Technical Analysis Report for Jul 16, 2019 | by Techniquant Editorial Team
CX ended Tuesday at 4.00 losing $0.07 (-1.72%), strongly underperforming the S&P 500 (-0.34%).
Daily Candlestick Chart (CX as at Jul 16, 2019):
Tuesday's trading range has been $0.11 (2.7%), that's slightly above the last trading month's daily average range of $0.11. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for CX.
One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on July 10th, CX actually gained 1.76% on the following trading day.
Prices are trading close to the key technical support level at 3.95 (S1). Prices are trading close to the key technical resistance level at 4.08 (R1).
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 4.12 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 3.95 where further sell stops could get triggered. With prices trading close to this year's low at 3.94, downside momentum might accelerate should the share break out to new lows for the year.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Close to Swing Low" stand out. While it is usually interpreted as neutral, it has actually shown to be bullish for Cemex S. A. B.. Out of 728 times, CX closed higher 50.82% 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 three trading days, showing a win rate of 52.47% with an average market move of 0.20%.