Senex Energy (SXY.AX)
Trading: SELL @ $0.375
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.
Senex Energy (ASX:SXY) buyers are becoming less eager. This is the first day buyers have decreased eagerness for SXY reducing strength to an uptrend in the first timeframe. The biggest price range this month has been $0.0970 & the greatest daily price range this year has been $0.1250. The price range ratio this week versus the quarterly price range is 0.4x & the price range ratio this month versus the year to date price range is 0.8x.
The range of the bar gives important information about the strength of weakness of a trend. If buyers are very committed they will be keen to buy and will tend to bid the price up even in the face of some selling pressure. Price will quickly & easily move upward and the move will tend to be significant. As such expanding ranges indicate the either buyers or sellers becoming more committed. Alternatively once the range begins to contract the side in control are losing commitment.
Calculation: Range Today Versus Range Yesterday (RTRY):
1) Expanding ranges on the upside indicates that buyers are increasingly eager;
2) Expanding ranges on the downside indicates that sellers are increasingly eager;
3) Contracting ranges on the upside indicates that buyers are becoming less eager;
4) Contracting ranges on the downside indicates that sellers are becoming less eager;
PROFILE: Senex Energy (SXY.AX)
Stock Exchange: ASX
Company: Senex Energy
Ticker Codes: | SXY.AX | ASX:SXY |
Senex Energy Limited explores, develops, and produces oil and gas resources in Australia. It holds a portfolio of oil and gas assets in Australia's Cooper-Eromanga Basin, as well as coal seam gas tenements in Queensland's Surat Basin. The company was formerly known as Victoria Petroleum NL and changed its name to Senex Energy Limited in 2010. Senex Energy Limited is headquartered in Brisbane, Australia.
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