ASX.AX finds support at 50-day moving average
Moving higher for the 3rd day in a row, ASX.AX finished Tuesday at 56.08 gaining A$0.08 (0.14%) on low volume. Today's closing price of 56.08 marks the highest close since April 7th. Trading up to A$0.25 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Saturday's high at 56.00, the market confirms its breakout through the previous session's high having traded A$0.25 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Tuesday's trading range was A$0.47 (0.84%), that's far below last trading month's daily average range of A$0.65. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.
After trading as low as 55.78 during the day, ASX Limited bounced off the key support level at 55.91. The failure to close below the support might increase that levels importance as support going forward. After trading as low as 55.78 during the day, the share found support at the 50-day moving average at 55.99.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
As prices are trading close to April's high at 56.92, upside momentum could speed up should ASX.AX mark new highs for the month.
While classical technical analysis indicates a slightly bullish sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for ASX Limited
|Close near high of period||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|RSI(2) above 80||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
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