XEC closes higher for the 2nd day in a row
Cimarex Energy Co (XEC) Technical Analysis Report for Jun 30, 2020 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, XEC ended the month 4.6% higher at 27.49 after gaining $0.43 (1.59%) today on low volume, slightly outperforming the S&P 500 (1.54%). Closing above Monday's high at 27.27, the market confirmed its breakout through the previous session high after trading up to $0.35 above it intraday.
Daily Candlestick Chart (XEC as at Jun 30, 2020):
Tuesday's trading range has been $1.21 (4.53%), that's below the last trading month's daily average range of $1.73. 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 XEC. Prices continued to consolidate within a tight trading range between 25.67 and 27.68 where it has been caught now for the last three trading days.
Three candlestick patterns are matching today's price action, the Bullish Short Candle and the White Candle which are both known as bullish patterns and one bearish pattern, the Bearish Hikkake Pattern. The last time a Bearish Hikkake Pattern showed up on June 5th, XEC actually gained 4.09% on the following trading day.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend still being bullish.
Selling could speed up should prices move below the nearby swing low at 25.67 where further sell stops might get triggered.
Among the eight market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "Closed above last periods high" stand out. Its common bullish interpretation has been confirmed for Cimarex Energy. Out of 446 times, XEC closed higher 50.00% 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 10 trading days, showing a win rate of 55.16% with an average market move of 0.66%.