TRXC closes flat at 0.0%
TransEnterix Inc. (TRXC) Technical Analysis Report for Nov 08, 2019 | by Techniquant Editorial Team
TRXC finished the week -4.17% lower at 0.23 after flat today, slightly underperforming the S&P 500 (0.26%).
Daily Candlestick Chart (TRXC as at Nov 08, 2019):
Friday's trading range has been $0.03 (12.0%), that's below the last trading month's daily average range of $0.05. Weekly volatility is also lower, being slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TRXC.
Three candlestick patterns are matching today's price action, the Homing Pigeon which is known as bullish pattern and two bearish patterns, the Bearish Short Candle and the Black Candle. The last time a Bearish Short Candle showed up on October 16th, TRXC actually gained 2.33% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 0.27 where further buy stops might get triggered.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Homing Pigeon" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for TransEnterix. Out of 21 times, TRXC closed lower 52.38% 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 10 trading days, showing a win rate of 76.19% with an average market move of -7.13%.