Australian Pharmaceutical (API.AX)
OPEN CLOSE CHANGE
Trading: SELL @ $1.37
Signal Strength: WEAK
Indicator MUST BE USED in additional to another technical indicator to confirmation for trading entry. Indicator can be applied to the short term timeframe but is only able to give and indication of the strength of the buyers versus sellers at the market close. This bar analysis can provide guidance on the daily battle between sellers and buyers from the companies recent trading.
Australian Pharmaceutical (ASX:API) opened in the upper part of daily range at 100% & closed in the middle part of the trading range at 40%. This suggests the sellers have lost commitment. Over the last 12 months there has been 3 trading days with the opening price in the upper shadow & the closing the price in the middle shadow giving a confirmation ratio of 1.1%. Over the last month there has been 3 trading days with the opening price in the upper price range & the closing the price in the middle price range giving a confirmation ratio of 21.4%.
The opening and closing bar positions can add depth to assess whether buyers of sellers commitment is changing and thus which side is in control at the close of the trading session.
Calculation: Open Today Versus Close Today (OTCT):
1) If the market opens near the low and closes near the high the buyers have had control during the entire day;
2) If the market opens near the high and closes near the low the sellers have had control during the entire day;
3) If the market opens near one extreme of the range and closes near the middle of the range the side who started in control has lost commitment;
4) If the market opens near one extreme and closes near the same extreme the side who started in control has lost control;
5) If the market opens near the middle of the range and closes near one extreme control has swung to the buyers;
6) If the close is near the high and if the close is near the low the control has swung to the sellers;
7) If the market opens near the middle of the range and closes similarly neither side is strongly committed;
PROFILE: Australian Pharmaceutical (API.AX)
Stock Exchange: ASX
Company: Australian Pharmaceutical
Ticker Codes: | API.AX | ASX:API |
Australian Pharmaceutical Industries Limited engages in the wholesale distribution of pharmaceutical, medical, health, beauty, and lifestyle products to pharmacies. The company operates through two segments, Australia and New Zealand. It also provides wholesale product delivery, marketing programs, and business advisory services, as well as retail services to pharmacies. In addition, the company purchases and sells health, beauty, and lifestyle products within the retail industry; and manufactures and owns the rights of pharmaceutical medicines and consumer toiletries. It markets its products and services under the Soul Pattinson Chemist, Pharmacist Advice, Club Premium, and Pharmacy Best Buys brand names, as well as operates as a franchisor with 462 Priceline & Priceline Pharmacy stores. Australian Pharmaceutical Industries Limited was founded in 1910 and is based in Camberwell, Australia.
Open vs CloseDownload
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