PT breaks below Wednesday's low
Pintec Technology Holdings Limited (PT) Technical Analysis Report for Aug 15, 2019 | by Techniquant Editorial Team
PT finished Thursday at 3.86 tanking $0.30 (-7.21%) on high volume, notably underperforming the S&P 500 (0.25%). Trading $0.36 higher after the open, Pintec was unable to hold its gains as the bears took control ending the day below its opening price. The last time this happened on August 5th, PT lost 0.00% on the following trading day. Closing below Wednesday's low at 3.90, the market confirmed its breakout through the previous session low after trading up to $0.28 below it intraday.
Daily Candlestick Chart (PT as at Aug 15, 2019):
Thursday's trading range has been $0.76 (18.91%), that's far above the last trading month's daily average range of $0.38. Weekly volatility is also higher, being slightly above the market's average weekly trading range. The longer-term, monthly volatility is currently just the same than usual for PT.
One bearish candlestick pattern matches today's price action, the Bearish Spinning Top.
After trading as low as 3.62 during the day, Pintec Technology found support at the 50-day moving average at 3.62. Unable to break through the key technical resistance level at 4.29 (R1), the share closed below it after spiking up to 4.38 earlier during the day. The failure to close above the resistance might increase that levels importance going forward.
Though the stock is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the six market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bounced off Technical Resistance R1" stand out. Its common bearish interpretation has been confirmed for Pintec Technology. Out of 10 times, PT closed lower 70.00% 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 70.00% with an average market move of -15.84%.