CX closes lower for the 2nd day in a row
Cemex S.A.B. de C.V. Sponsored ADR (CX) Technical Analysis Report for Jul 31, 2020 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, CX ended the month 6.25% higher at 3.06 after losing $0.07 (-2.24%) today on high volume, strongly underperforming the S&P 500 (0.77%).
Daily Candlestick Chart (CX as at Jul 31, 2020):
Friday's trading range has been $0.11 (3.55%), that's slightly above the last trading month's daily average range of $0.11. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for CX.
The market closed back below the 200-day moving average at 3.11. When this moving average was crossed below the last time on Tuesday, CX actually gained 2.27% on the following trading day.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 3.19 where further buy stops might get triggered.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for Cemex S. A. B.. Out of 416 times, CX closed lower 51.20% 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 10 trading days, showing a win rate of 55.53% with an average market move of -1.19%.