TRXC ends the day indecisive
TransEnterix Inc. (TRXC) Technical Analysis Report for Sep 16, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TRXC ended Wednesday at 0.38 gaining $0.01 (2.7%), notably outperforming the S&P 500 (-0.46%). Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (TRXC as at Sep 16, 2020):
Wednesday's trading range has been $0.03 (8.11%), that's slightly above the last trading month's daily average range of $0.03. Things look different on the weekly timeframe, where the market's trading range of the last week has been slightly below the market's average weekly trading range. The longer-term, monthly volatility is currently slightly lower than usual for TRXC.
After spiking up to 0.39 during the day, TransEnterix found resistance at the 20-day moving average at 0.38. The last time this happened on August 21st, TRXC lost -2.33% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
As prices are trading close to September's high at 0.40, upside momentum could speed up should the stock mark new highs for the month.
Among the two market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "2 Consecutive Higher Closes" stand out. Although it is usually interpreted as bullish, it has actually shown to be bearish for TransEnterix. Out of 210 times, TRXC closed lower 49.52% 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 58.57% with an average market move of -0.53%.