XEC rallies 2.6% closing $2.32 higher
Cimarex Energy (XEC) Technical Analysis Report for Sep 14, 2018
Moving higher for the 5th day in a row, XEC ended the week 9.69% higher at 91.69 after surging $2.32 (2.6%) today. This is the biggest single day gain in over two days. Today's closing price of 91.69 marks the highest close since August 7th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 89.86, the share confirms its breakout through the prior session's high having traded $2.33 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was $2.71 (3.03%), that's above last trading month's daily average range of $1.91. Weekly volatility is also higher, being way above the markets average with the monthly volatility being below average.
Though the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. The market managed to break above the 50-day moving average at 91.30 today for the first time since August 6th.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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