SIQ.AX breaks above 20-day moving average for the first time since February 14th
Smartgrp Corporation (SIQ.AX) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, SIQ.AX finished the week 2.35% higher at 8.70 after gaining $0.23 (2.72%) today, significantly outperforming the ASX 200 (-0.07%). The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 8.54, the share confirmed its breakout through the prior session high after trading up to $0.22 above it intraday.
Daily Candlestick Chart (SIQ.AX as at Mar 15, 2019):
Friday's trading range has been $0.29 (3.41%), that's slightly above the last trading month's daily average range of $0.29. Things look different on the weekly timeframe, where the market's trading range of the last week has been below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for SIQ.AX.
One bullish candlestick pattern matches today's price action, the White Candle. The last time a White Candle showed up on March 4th, SIQ.AX actually lost -1.50% on the following trading day.
Smartgrp Corporation managed to close above the 20-day moving average at 8.56 for the first time since February 14th.
While the stock is experiencing a short-term uptrend, this might just be a correction, as both the medium and long-term trends are still bearish.
Among the seven market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "Bullish Break through SMA 20" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for Smartgrp Corporation. Out of 76 times, SIQ.AX closed lower 52.63% 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 three trading days, showing a win rate of 60.53% with an average market move of -0.07%.