GPT.AX rises to highest close since September 19th
GPT Group (GPT.AX) Technical Analysis Report for Nov 09, 2018 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, GPT.AX finished the week 3.94% higher at 5.28 after gaining $0.02 (0.38%) today on low volume, slightly outperforming the ASX 50 (-0.04%). Today's close at 5.28 marks the highest recorded closing price since September 19th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 5.27, the share confirmed its breakout through the prior session high after trading up to $0.01 above it intraday.
Daily Candlestick Chart (GPT.AX as at Nov 09, 2018):
Friday's trading range has been $0.04 (0.76%), that's far below the last trading month's daily average range of $0.08. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for GPT.AX.
Two candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns. The last time a White Candle showed up on Wednesday, GPT.AX gained 0.38% on the following trading day.
After having been unable to move above 5.27 in the previous session, the stock ran into sellers again around the same price level today, missing to move higher than 5.28.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 5.39, upside momentum might speed up should the market be able to break out to new highs for the year.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Up Close near high of period" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for GPT Group. Out of 458 times, GPT.AX closed lower 49.34% 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 50.87% with an average market move of -0.13%.