NSR.AX closes within previous day's range
National Storage Stapled Security FP (NSR.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
NSR.AX finished Wednesday at 1.88 losing $0.02 (-1.05%) on high volume, underperforming the ASX 200 (-0.25%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (NSR.AX as at Feb 13, 2019):
Wednesday's trading range has been $0.04 (2.11%), that's far above the last trading month's daily average range of $0.03. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably higher than usual for NSR.AX.
Even with a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle. Additionally, one bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on January 18th, NSR.AX lost -0.58% on the following trading day.
Crossing below the upper Bollinger Band, prices have lost at least some of their upward momentum in the short-term and could now be heading back down towards the mean of the Bollinger Bands at 1.80.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for National Storage. Out of 189 times, NSR.AX closed higher 47.09% 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 51.32% with an average market move of 0.31%.