ASX closes higher for the 2nd day in a row

S&P/ASX 200 Index (ASX) Technical Analysis Report for Jul 13, 2018

Highlights

ASX closes above its opening price after recovering from early selling pressure
ASX closes higher for the 2nd day in a row
ASX closes within previous day's range after lackluster session
ASX ends the day indecisive

TQ Sentiment

Report Sentiment:
33% Bullish
Technical Forecast:
TQ Pro Only
See the overall Technical Analysis forecast for today.

Overview

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.

Daily chart for ASX

Volatility

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.

Support/Resistance

Prices are trading close to a key support level at 6249.30.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying could accelerate should prices move above the close-by swing high at 6306.10 where further buy stops might get triggered.

Conclusion

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

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