CAR.AX closes within prior day's range
Carsales.com Limited (CAR.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, CAR.AX ended Thursday at 14.58 losing A$0.04 (-0.27%). Trading A$0.27 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (CAR.AX as at Jun 14, 2018):
Thursday's trading range was A$0.41 (2.79%), that's far above last trading month's daily average range of A$0.29. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly below average.
Prices are trading close to the key resistance level at 14.68. After having been unable to move lower than 14.55 in the previous session, the share found buyers again around the same price level today at 14.56.
While the stock is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
Further selling could move prices lower should the market test May's nearby low at 14.10.