GEM.AX closes higher for the 3rd day in a row
G8 Education Limited (GEM.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, GEM.AX finished Wednesday at 3.51 gaining $0.02 (0.57%), outperforming the ASX 200 (-0.25%). Today's close at 3.51 marks the highest recorded closing price since December 5, 2017. Closing above Tuesday's high at 3.49, the stock confirmed its breakout through the previous session high after trading up to $0.04 above it intraday.
Daily Candlestick Chart (GEM.AX as at Feb 13, 2019):
Wednesday's trading range has been $0.07 (2.01%), that's slightly below the last trading month's daily average range of $0.08. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for GEM.AX.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the three market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for G8 Education. Out of 122 times, GEM.AX closed higher 50.00% 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 10 trading days, showing a win rate of 68.03% with an average market move of 2.94%.