CAR.AX finds buyers at key support level

Carsales.com Limited (CAR.AX) Technical Analysis Report for Sep 14, 2018

Highlights

CAR.AX finds buyers at key support level
CAR.AX closes within previous day's range after lackluster session
CAR.AX ends the day indecisive

TQ Sentiment

Report Sentiment: 20% Bullish
Technical Forecast:

Overview

CAR.AX ended the week unchanged at 15.18 after gaining A$0.11 (0.73%) today 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. 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$0.20 (1.31%), that's below last trading month's daily average range of A$0.44. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below 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

After trading as low as 15.07 during the day, the share bounced off the key support level at 15.09. The failure to close below the support could increase that levels importance as support going forward.

Trend

Although the market 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

Selling could speed up should prices move below the close-by swing low at 14.98 where further sell stops might get triggered. As prices are trading close to September's high at 15.86, upside momentum could accelerate should Carsales. com Limited mark new highs for the month.

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 Rate Exit Day Events
Close to Swing Low TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Close to R1 Resistance TQ Pro Members Only
Doji TQ Pro Members Only
Southern Doji TQ Pro Members Only
More market conditions identified for TQ Pro members...
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