ANN.AX ends the day on a bullish note closing near the high of the day
Ansell Limited (ANN.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
ANN.AX ended the week 1.29% higher at 25.19 after gaining A$0.61 (2.48%) today on low volume. Trading up to A$0.38 lower after the open, Ansell Limited managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 24.90, the share confirms its breakout through the prior session's high having traded A$0.33 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (ANN.AX as at Sep 14, 2018):
Friday's trading range was A$0.61 (2.44%), that's slightly above last trading month's daily average range of A$0.54. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
After trading as low as 24.62 during the day, the stock bounced off the key support level at 25.00. The failure to close below the support could increase that levels importance as support going forward. After spiking up to 25.23 during the day, the market found resistance at the 20-day moving average at 25.22.
Although ANN.AX is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
Buying could speed up should prices move above the close-by swing high at 25.57 where further buy stops might get triggered.