XEC closes higher for the 3rd day in a row
Cimarex Energy Co (XEC) Technical Analysis Report for Mar 26, 2020 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, XEC finished Thursday at 16.97 gaining $0.21 (1.25%), notably underperforming the S&P 500 (6.24%). Closing within the previous day's range, prices missed to decisively move beyond the prior day's trading range in a lackluster session.
Daily Candlestick Chart (XEC as at Mar 26, 2020):
Thursday's trading range has been $1.74 (10.32%), that's far below the last trading month's daily average range of $2.79. Weekly volatility is also lower, being way below the market's average weekly trading range. The longer-term, monthly volatility is currently lower than usual for XEC.
One bullish candlestick pattern matches today's price action, the Bullish Spinning Top.
After having been unable to move above 17.76 in the previous session, the share ran into sellers again around the same price level today, missing to move higher than 18.06. The last time this happened on March 20th, XEC lost -8.38% on the following trading day.
While Cimarex Energy is experiencing a short-term uptrend, this could just be a correction, as both the medium and long-term trends are still bearish.
Among the four market conditions that our pattern recognition engine identified today, the statistics for the OHLC Patterns based market condition "Bullish Spinning Top" stand out. Its common bullish interpretation has been confirmed for Cimarex Energy. Out of 213 times, XEC closed higher 52.11% 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 nine trading days, showing a win rate of 53.05% with an average market move of 0.22%.