QUB.AX closes within previous day's range
QUBE Holdings Limited (QUB.AX) Technical Analysis Report for Dec 07, 2018 | by Techniquant Editorial Team
QUB.AX ended the week -0.75% lower at 2.65 after losing $0.02 (-0.75%) today, notably underperforming the ASX 200 (0.42%). Trading $0.03 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (QUB.AX as at Dec 07, 2018):
Friday's trading range has been $0.07 (2.62%), that's slightly above the last trading month's daily average range of $0.06. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for QUB.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. The last time this happened on September 24th, QUB.AX lost -0.39% on the following trading day.
Though still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Selling could speed up should prices move below the nearby swing low at 2.60 where further sell stops might get activated. Trading close to October's high at 2.73 we could see further upside momentum if potential buy stops at the level get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Outside Bar" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for QUBE Holdings. Out of 29 times, QUB.AX closed higher 37.93% 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 75.86% with an average market move of 2.64%.