OML.AX closes higher for the 5th day in a row
Ooh!Media Limited (OML.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
Moving higher for the 5th day in a row, OML.AX ended Wednesday at 3.87 gaining $0.08 (2.11%), strongly outperforming the ASX 200 (-0.25%). Today's close at 3.87 marks the highest recorded closing price since December 17, 2018. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (OML.AX as at Feb 13, 2019):
Wednesday's trading range has been $0.15 (3.83%), that's slightly above the last trading month's daily average range of $0.14. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for OML.AX.
Prices are trading close to the key technical resistance level at 3.90 (R1). After having been unable to move lower than 3.77 in the prior session, the stock found buyers again around the same price level today at 3.77.
Crossing above the upper Bollinger Band for the first time since August 29, 2018, prices have shown unusually strong upward momentum in the short-term. This might either indicate a potential buying climax after which prices could head back down towards the mean of the Bollinger Bands at 3.70 or signal the beginning of a strong momentum breakout leading to even higher prices. The last time prices broke out above the upper Bollinger Band on August 23, 2018, OML.AX gained 1.95% on the following trading day.
Though Ooh!Media Limited is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "5 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Ooh!Media Limited. Out of 17 times, OML.AX closed lower 58.82% of the time on the next trading day after the market condition occurred.