ASX50 runs into sellers again around 6143.40
S&P/ASX 50 Index (ASX50) Technical Analysis Report for Jul 13, 2018
Moving higher for the 2nd day in a row, ASX50 finished the week -0.11% lower at 6125.80 after edging higher A$0.50 (0.01%) today. Trading up to A$21.70 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 prior day's range, prices failed to decisively move past the previous 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$39.80 (0.65%), that's below last trading month's daily average range of A$47.48. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
After having been unable to move above 6137.50 in the prior session, the stock index ran into sellers again around the same price level today, failing to move higher than 6143.40.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 6167.10 where further buy stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.