ASX.AX pushes through key resistance level

Overview

ASX.AX ended the week -0.56% lower at 64.01 after gaining A$0.32 (0.5%) today on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Volatility

Friday's trading range was A$0.41 (0.64%), that's far below last trading month's daily average range of A$0.77. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.

Price Action

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, ASX Limited managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Support/Resistance

Breaking through the key resistance level at 63.87 today, it is now likely to act as support going forward. After spiking up to 64.14 during the day, the share found resistance at the 100-day moving average at 64.05.

Trend

Although still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Selling might accelerate should prices move below the close-by swing low at 63.59 where further sell stops could get triggered. Trading close to July's low at 63.47 we might see further downside momentum if potential sell stops at the level get activated.

Conclusion

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