TOT finds buyers again around 48.89
Total S.A. (TOT) Technical Analysis Report for Feb 14, 2020 | by Techniquant Editorial Team
TOT finished the week -0.4% lower at 49.21 after edging higher $0.02 (0.04%) today on low volume, slightly underperforming the S&P 500 (0.18%) ahead of tomorrow's Presidents' Day market holiday. Closing within the prior day's range, prices missed to decisively move beyond the previous day's trading range.
Daily Candlestick Chart (TOT as at Feb 14, 2020):
Friday's trading range has been $0.54 (1.09%), that's slightly above the last trading month's daily average range of $0.52. Things look different on the weekly timeframe, where the market's trading range of the last week has been way below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TOT.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.
After having been unable to move lower than 48.96 in the prior session, the share found buyers again around the same price level today at 48.89. The last time this happened on January 28th, TOT actually lost -1.31% on the following trading day.
While the market is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Selling might accelerate should prices move below the nearby swing low at 48.58 where further sell stops could get activated. With prices trading close to this year's low at 48.34, downside momentum might speed up should the stock break out to new lows for the year.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bearish Outside Bar" stand out. Though it is usually interpreted as bearish, it has actually shown to be bullish for Total S. A.. Out of 86 times, TOT closed higher 61.63% 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 six trading days, showing a win rate of 53.49% with an average market move of 0.11%.