ASX.AX closes within previous day's range after lackluster session


ASX Limited (ASX.AX) Technical Analysis Report for May 17, 2018 [1 min read]
Highlights
ASX.AX runs into sellers around 61.88 for the third day in a row
ASX.AX unable to break through key resistance level
ASX.AX closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 33% Bearish
Technical Forecast:
Overview

ASX.AX ended Thursday at 61.36 losing A$0.21 (-0.34%) on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.

Daily chart for ASX.AX
Volatility

Thursday's trading range was A$0.66 (1.07%), that's below last trading month's daily average range of A$0.89. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being way above average.

Price Action

During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.

Support/Resistance

Unable to break through the key technical resistance level at 61.88, the stock closed below it after spiking as high as 61.88 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The share ran into sellers again today around 61.88 for the third trading day in a row after having found sellers at 61.99 in the prior session and at 61.87 two days ago.

Trend

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

Order Flow

Buying could accelerate should prices move above the close-by swing high at 61.99 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 60.74 where further sell stops might 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.

Market Conditions for ASX Limited
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
White Candle TQ Pro Members Only
Close to Swing High TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
2 Consecutive Higher Closes TQ Pro Members Only
More market conditions identified for TQ Pro members...
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