CNU.AX closes within previous day's range
Chorus Limited Foreign Exempt NZX (CNU.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (CNU.AX as at Jul 13, 2018):
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.
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.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
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.