RFG.AX soars 4.55% closing $0.02 higher
Retail Food Group (RFG.AX) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
RFG.AX ended the week -4.17% lower at 0.46 after surging $0.02 (4.55%) today, strongly outperforming the market (ASX 200, 0.2%). This is the biggest single-day gain in over a week. The last time this happened on August 29th, RFG.AX lost -6.06% on the following trading day. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (RFG.AX as at Oct 12, 2018):
Friday's trading range was $0.04 (8.89%), that's far above last trading month's daily average range of $0.02. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
One bullish candlestick pattern matches today's price action, the Tweezer Bottom.
After having been unable to move lower than 0.44 in the previous session, Retail Food found buyers again around the same price level today at 0.44.
Crossing above the lower Bollinger Band, prices have lost at least some of their downward momentum in the short-term and could now be heading back up towards the mean of the Bollinger Bands at 0.48.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Among the four market conditions that our engine recognized today, the statistics for the Technical Indicators based condition "Close crossed above the lower Bollinger Band" stands out. It's common interpretation of being bullish has so far been confirmed for Retail Food in the past. Out of 65 times during the last ten years, RFG.AX closed higher 55.38% of the time on the next trading day. The optimal exit for swing trading this condition on the long side has been after 10 trading days, showing a win rate of 58.46% with an average market move of 1.24%.