GPT.AX unable to break through key resistance level

GPT Group (GPT.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team


GPT.AX closes below its opening price unable to hold early session gains
GPT.AX unable to break through key resistance level
GPT.AX closes lower for the 2nd day in a row
GPT.AX breaks below Tuesday's low


Moving lower for the 2nd day in a row, GPT.AX ended Wednesday at 5.90 losing $0.06 (-1.01%), underperforming the ASX 50 (-0.44%). Trading $0.05 higher after the open, GPT Group was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Tuesday's low at 5.92, the stock confirmed its breakout through the previous session low after trading up to $0.05 below it intraday.

Daily Candlestick Chart (GPT.AX as at Feb 13, 2019):

Daily technical analysis candlestick chart for GPT Group (GPT.AX) as at Feb 13, 2019

Wednesday's trading range has been $0.11 (1.85%), that's slightly above the last trading month's daily average range of $0.09. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently strongly higher than usual for GPT.AX.

One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.

Unable to break through the key technical resistance level at 5.97 (R1), the market closed below it after spiking up to 5.98 earlier during the day. The failure to close above the resistance could increase that levels importance going forward.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Among the six market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Bearish Intraday Reversal" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for GPT Group. Out of 327 times, GPT.AX closed higher 50.15% 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 60.86% with an average market move of 1.23%.

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