CLW.AX finds buyers around 4.26 for the third day in a row
CHTR H LWR Stapled Securities (CLW.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CLW.AX ended Thursday at 4.33 surging A$0.05 (1.17%). This is the biggest single day gain in over three weeks. Today's closing price of 4.33 marks the highest close since December 12, 2017. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 4.29, CHTR H confirms its breakout through the prior session's high having traded A$0.04 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (CLW.AX as at Jun 14, 2018):
Thursday's trading range was A$0.07 (1.64%), that's above last trading month's daily average range of A$0.06. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being exactly the same as average.
After trading as low as 4.26 during the day, the share bounced off the key support level at 4.27. The failure to close below the support could increase that levels importance as support going forward. The stock found buyers again today around 4.26 for the third trading day in a row after having found demand at 4.25 in the previous session and at 4.25 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
2,017's high at 4.40 is within reach and we might see further upside momentum should the market manage to break out past.