ASX closes higher for the 2nd day in a row
S&P/ASX 200 Index (ASX) Technical Analysis Report for Jul 13, 2018
Moving higher for the 2nd day in a row, ASX finished the week -0.03% lower at 6270.60 after edging higher A$2.30 (0.04%) today. Trading up to A$17.20 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past 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.
Friday's trading range was A$36.00 (0.57%), that's below last trading month's daily average range of A$44.94. 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 6249.30.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 6306.10 where further buy stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.