CAR.AX closes below its opening price unable to hold early session gains


Carsales.com Limited (CAR.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
CAR.AX closes below its opening price unable to hold early session gains
CAR.AX closes higher for the 2nd day in a row
CAR.AX finds buyers again around 14.72
CAR.AX rises to highest close since July 4th
CAR.AX still stuck within tight trading range
TQ Sentiment
Report Sentiment: 18% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, CAR.AX ended the week 1.72% higher at 14.76 after gaining A$0.08 (0.54%) today. Today's closing price of 14.76 marks the highest close since July 4th. Trading A$0.18 higher after the open, the stock 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 beyond the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for CAR.AX
Volatility

Friday's trading range was A$0.24 (1.62%), that's slightly below last trading month's daily average range of A$0.28. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 14.56 and 15.00 which it has been in now for the last trading week.

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

Prices are trading close to a key support level at 14.68. After having been unable to move lower than 14.68 in the prior session, Carsales. com Limited found buyers again around the same price level today at 14.72.

Trend

While still in a long-term uptrend, the short and medium-term trends both turned bearish already.

Order Flow

Buying might accelerate should prices move above the close-by swing high at 15.00 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 14.56 where further sell stops could get activated. Further selling might move prices lower should the market test June's close-by low at 14.23.

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
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
High close to previous High TQ Pro Members Only
Bearish Bounce off SMA 20 TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
Close to Swing High TQ Pro Members Only
More market conditions identified for TQ Pro members...
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