ASX.AX closes within previous day's range after lackluster session
ASX Limited (ASX.AX) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (ASX.AX as at May 17, 2018):
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.
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.