GPT.AX closes lower for the 3rd day in a row

GPT Group (GPT.AX) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team


GPT.AX dominated by bears dragging the market lower throughout the day
GPT.AX closes lower for the 3rd day in a row
GPT.AX breaks below Thursday's low


Moving lower for the 3rd day in a row, GPT.AX finished the week -0.16% lower at 6.15 after losing $0.06 (-0.97%) today on high volume, underperforming the ASX 50 (-0.09%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 6.19, the share confirmed its breakout through the prior session low after trading up to $0.04 below it intraday.

Daily Candlestick Chart (GPT.AX as at Mar 15, 2019):

Daily technical analysis candlestick chart for GPT Group (GPT.AX) as at Mar 15, 2019

Friday's trading range has been $0.13 (2.08%), that's above the last trading month's daily average range of $0.10. Things look different on the weekly timeframe, where the market's trading range of the last week has been way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly higher than usual for GPT.AX.

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bearish Outside Bar. Additionally, two candlestick patterns are matching today's price action, the Bearish Closing Marubozu and the Black Candle which are both known as bearish patterns. The last time a Bearish Closing Marubozu showed up on December 31, 2018, GPT.AX lost -0.56% on the following trading day.

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

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Closing Marubozu" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for GPT Group. Out of 122 times, GPT.AX closed higher 54.10% 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 60.66% with an average market move of 1.08%.

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