CDA - Absolute Return following a 14 Day RSI move below 20
The Codan Ltd (ASX:CDA) 14-day RSI has just moved below the 20 level (1st move below 20 in at least 20-days). Since 2003, indicator weakness below 20, was usually the forerunner to some short-term upside.
The 16-day average return, following CDA's 14-day RSI move below 20, was 8.53% with a win rate of 10 from 11, median 5.59%, & standard deviation of 13.33%.
The 16-day average relative return vs the All Ordinaries Index was also reasonably robust at 5.34%, with a relative win rate of 10 from 11, median 4.13%, & standard deviation of 10.57%.
The average price target of the 6 analysts surveyed by Refinitiv is $18.04 or approximately 30% higher than the current price.
The 16-day average return, following CDA's 14-day RSI move below 20, was 8.53% with a win rate of 10 from 11, median 5.59%, & standard deviation of 13.33%.
The 16-day average relative return vs the All Ordinaries Index was also reasonably robust at 5.34%, with a relative win rate of 10 from 11, median 4.13%, & standard deviation of 10.57%.
The average price target of the 6 analysts surveyed by Refinitiv is $18.04 or approximately 30% higher than the current price.