SIG.AX slumps, loses $0.04 (-6.67%) within a single day
Sigma Health Limited (SIG.AX) Technical Analysis Report for Oct 12, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, SIG.AX finished the week -11.11% lower at 0.56 after tanking $0.04 (-6.67%) today, significantly underperforming the market (ASX 200, 0.2%). This is the biggest single-day loss in over a month. The last time this happened on September 6th, SIG.AX gained 5.56% on the following trading day. Today's close at 0.56 marks the lowest recorded closing price since September 6th.
Daily Candlestick Chart (SIG.AX as at Oct 12, 2018):
Friday's trading range was $0.03 (5.45%), that's above last trading month's daily average range of $0.02. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly below average.
After spiking up to 0.58 during the day, Sigma Health found resistance at the 50-day moving average at 0.58.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. The share broke below the 50-day moving average at 0.58 today for the first time since August 23rd.
Further selling could move prices lower should the market test September's nearby low at 0.52.
Among the six market conditions that our engine recognized today, the statistics for the Support/Resistance based condition "Bearish Bounce off SMA 50" stands out. Though it is usually interpreted being bearish, it has actually shown to be bullish so far in the past for Sigma Health. Out of 97 times during the last ten years, SIG.AX closed higher 45.36% 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 45.36% with an average market move of 0.63%.