CYB.AX finds buyers around 3.29 for the third day in a row
CYBG Plc Cdi 1:1 Foreign Exempt Lse (CYB.AX) Technical Analysis Report for Dec 07, 2018 | by Techniquant Editorial Team
CYB.AX finished the week -8.01% lower at 3.33 after flat today, slightly underperforming the ASX 200 (0.42%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (CYB.AX as at Dec 07, 2018):
Friday's trading range has been $0.13 (3.85%), that's slightly 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 notably higher than usual for CYB.AX. Prices continued to consolidate within a tight trading range between 3.29 and 3.45 where it has been caught now for the last three trading days.
Prices are trading close to the key technical resistance level at 3.34 (R1). CYBG Plc found buyers again today around 3.29 for the third trading day in a row after having found demand at 3.30 in the previous session and at 3.30 two days ago. The last time this happened on September 27th, CYB.AX gained 0.85% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Low close to prior two Lows" stand out. Though it is usually interpreted as bullish, it has actually shown to be bearish for CYBG Plc. Out of 26 times, CYB.AX closed lower 57.69% 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 61.54% with an average market move of -0.53%.