ASX50 closes lower for the 4th day in a row
S&P/ASX 50 Index (ASX50) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, ASX50 ended Thursday at 5835.00 losing A$9.00 (-0.15%). Today's closing price of 5835.00 marks the lowest close since June 5th. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Daily Candlestick Chart (ASX50 as at Jun 14, 2018):
Thursday's trading range was A$25.10 (0.43%), that's far below last trading month's daily average range of A$36.52. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
After having been unable to move lower than 5829.20 in the prior session, the index found buyers again around the same price level today at 5826.40.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Selling might accelerate should prices move below the close-by swing low at 5812.80 where further sell stops could get triggered. As prices are trading close to June's low at 5806.80, downside momentum might speed up should the stock index mark new lows for the month.