SBM.AX dominated by bears dragging the market lower throughout the day


ST Barbara Limited (SBM.AX) Technical Analysis Report for Apr 02, 2019 | by Techniquant Editorial Team

Highlights

SBM.AX falls to lowest close since December 11, 2017
SBM.AX dominated by bears dragging the market lower throughout the day
SBM.AX closes lower for the 3rd day in a row
SBM.AX breaks below Monday's low

Overview

Moving lower for the 3rd day in a row, SBM.AX finished Tuesday at 3.27 losing $0.08 (-2.39%), strongly underperforming the ASX 200 (0.41%). Today's close at 3.27 marks the lowest recorded closing price since December 11, 2017. The bears were in full control today, moving the market lower throughout the whole session. Closing below Monday's low at 3.32, ST Barbara confirmed its breakout through the previous session low after trading up to $0.05 below it intraday.

Daily Candlestick Chart (SBM.AX as at Apr 02, 2019):

Daily technical analysis candlestick chart for ST Barbara Limited (SBM.AX) as at Apr 02, 2019

Tuesday's trading range has been $0.08 (2.39%), that's slightly below the last trading month's daily average range of $0.15. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for SBM.AX.

One bearish candlestick pattern matches today's price action, the Black Candle. The last time a Black Candle showed up on March 27th, SBM.AX actually gained 2.08% on the following trading day.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Buying might speed up should prices move above the nearby swing high at 3.41 where further buy stops could get triggered. Selling might accelerate should prices move below the close-by swing low at 3.15 where further sell stops could get activated. With prices trading close to this year's low at 3.15, downside momentum might speed up should the share break out to new lows for the year.

Among the nine market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "3 Consecutive Lower Closes" stand out. While it is usually interpreted as bearish, it has actually shown to be bullish for ST Barbara. Out of 108 times, SBM.AX closed higher 49.07% 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 52.78% with an average market move of 0.59%.


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