CNU.AX closes within previous day's range


Chorus Limited Foreign Exempt NZX (CNU.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
CNU.AX finds buyers around 3.94 for the third day in a row
CNU.AX closes higher for the 3rd day in a row
CNU.AX rises to highest close since June 20th
CNU.AX still stuck within tight trading range
CNU.AX closes within previous day's range
TQ Sentiment
Report Sentiment: 33% Bullish
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, CNU.AX ended the week 1.27% higher at 4.00 after gaining A$0.01 (0.25%) today. Today's closing price of 4.00 marks the highest close since June 20th. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.

Daily chart for CNU.AX
Volatility

Friday's trading range was A$0.08 (2.02%), that's above last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 3.91 and 4.02 which it has been in now for the last trading week.

Support/Resistance

Prices are trading close to a key support level at 3.98. The share found buyers again today around 3.94 for the third trading day in a row after having found demand at 3.93 in the previous session and at 3.93 two days ago.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

With prices trading close to this year's high at 4.09, upside momentum could accelerate should Chorus Limited be able to break out to new highs for the year.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.

Market Conditions for Chorus Limited Foreign Exempt NZX
ConditionForecastDirectionWinAvgWorstBestEvents
Bullish Break through SMA 20 TQ Pro Members Only
High close to previous High TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bullish Bounce off SMA 20 TQ Pro Members Only
High close to previous two Highs TQ Pro Members Only
More market conditions identified for TQ Pro members...
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