ORG.AX dominated by bears dragging the market lower throughout the day
Origin Energy Ltd (ORG.AX) Technical Analysis Report for Feb 13, 2019 | by Techniquant Editorial Team
ORG.AX ended Wednesday at 7.31 losing $0.07 (-0.95%), underperforming the ASX 50 (-0.44%). The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (ORG.AX as at Feb 13, 2019):
Wednesday's trading range has been $0.23 (3.07%), that's far above the last trading month's daily average range of $0.17. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently notably lower than usual for ORG.AX.
Three candlestick patterns are matching today's price action, the Bearish Closing Marubozu, the Black Candle and the Dark Cloud Cover which are known as bearish patterns. The last time a Bearish Closing Marubozu showed up on January 31st, ORG.AX lost -1.96% on the following trading day.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Black Candle" stand out. Its common bearish interpretation has been confirmed for Origin Energy. Out of 565 times, ORG.AX closed lower 51.50% 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 54.34% with an average market move of -0.55%.