ASX fails to close above 20-day moving average
Moving lower for the 2nd day in a row, ASX finished Thursday at 6016.60 edging lower A$6.90 (-0.11%). Today's closing price of 6016.60 marks the lowest close since June 5th. Trading A$10.20 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was A$26.20 (0.43%), that's below last trading month's daily average range of A$35.64. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
Prices are trading close to a key support level at 5993.80. After having been unable to move lower than 6010.70 in the previous session, ASX Index found buyers again around the same price level today at 6007.50. After spiking up to 6033.70 during the day, the stock index found resistance at the 20-day moving average at 6032.88.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 5982.20 where further sell stops might get activated. Further selling could move prices lower should the market test May's close-by low at 5964.10.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for S&P/ASX 200 Index
|Close to R1 Resistance||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|High close to previous High||TQ Pro Members Only|
|Bearish Spinning Top||TQ Pro Members Only|
|Bearish Intraday Reversal||TQ Pro Members Only|
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