ASX.AX dominated by bulls lifting the market higher throughout the day


ASX Limited (ASX.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
ASX.AX dominated by bulls lifting the market higher throughout the day
ASX.AX closes higher for the 2nd day in a row
ASX.AX ends the day on a bullish note closing near the high of the day
ASX.AX pushes through previous session high
ASX.AX rises to highest close since Inception
TQ Sentiment
Report Sentiment: 66% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, ASX.AX ended the week 2.31% higher at 65.59 after gaining A$0.59 (0.91%) today. Today's closing price of 65.59 marks the highest close since Inception. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 65.40, the share confirms its breakout through the prior session's high having traded A$0.25 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.

Daily chart for ASX.AX
Volatility

Friday's trading range was A$0.64 (0.98%), that's slightly below last trading month's daily average range of A$0.79. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being way below average.

Support/Resistance

Prices are trading close to a key support level at 64.90.

Trend

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

Conclusion

While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for ASX Limited
ConditionForecastDirectionWinAvgWorstBestEvents
Close near low of period TQ Pro Members Only
Bearish Intraday Reversal TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Down Close Near Low of Period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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