ASX.AX dominated by bulls lifting the market higher throughout the day
ASX Limited (ASX.AX) Technical Analysis Report for Jul 13, 2018
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.
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.
Prices are trading close to a key support level at 64.90.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
While classical technical analysis indicates a bullish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.