CAR.AX closes within prior day's range


Carsales.com Limited (CAR.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
CAR.AX closes below its opening price unable to hold early session gains
CAR.AX closes lower for the 2nd day in a row
CAR.AX ends the day on a bearish note closing near the low of the day
CAR.AX finds buyers again around 14.56
CAR.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 50% Bearish
Technical Forecast:
Overview

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 chart for CAR.AX
Volatility

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.

Support/Resistance

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.

Trend

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.

Order Flow

Further selling could move prices lower should the market test May's nearby low at 14.10.

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 Carsales.com Limited
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Bounced off Technical Support S1 TQ Pro Members Only
High close to previous High TQ Pro Members Only
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