SXL.AX slumps, losing $0.04 (-3.77%) within a single day
STHN Cross Media (SXL.AX) Technical Analysis Report for Dec 07, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, SXL.AX ended the week -5.56% lower at 1.02 after tanking $0.04 (-3.77%) today, significantly underperforming the ASX 200 (0.42%). This is the biggest single-day loss in over two weeks. Closing below Thursday's low at 1.05, the share confirmed its breakout through the previous session low after trading up to $0.07 below it intraday.
Daily Candlestick Chart (SXL.AX as at Dec 07, 2018):
Friday's trading range has been $0.10 (9.26%), that's far above the last trading month's daily average range of $0.04. Weekly volatility is also higher, being way above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for SXL.AX.
Two candlestick patterns are matching today's price action, the Last Engulfing Bottom Pattern which is known as bullish pattern and one bearish pattern, the Black Candle.
STHN Cross was sold again around 1.08 after having seen highs at 1.08, 1.08 and 1.08 in the last three trading sessions. Obviously there is something going on at that level. The last time this happened on August 22nd, SXL.AX actually gained 2.31% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Among the 10 market conditions that our pattern recognition engine identified today, the statistics for the Support/Resistance based market condition "High close to prior three Highs" stand out. Although it is usually interpreted as bearish, it has actually shown to be bullish for STHN Cross. Out of 55 times, SXL.AX closed higher 45.45% 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 52.73% with an average market move of 1.39%.