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

Chorus Limited Foreign Exempt NZX (CNU.AX) Technical Analysis Report for Sep 14, 2018

Highlights

CNU.AX closes below its opening price unable to hold early session gains
CNU.AX closes lower for the 2nd day in a row
CNU.AX ends the day on a bearish note closing near the low of the day
CNU.AX breaks below previous session low
CNU.AX falls to lowest close since September 4th

TQ Sentiment

Report Sentiment: 60% Bearish
Technical Forecast:

Overview

Moving lower for the 2nd day in a row, CNU.AX finished the week -2.23% lower at 4.38 after losing A$0.04 (-0.9%) today. Today's closing price of 4.38 marks the lowest close since September 4th. Trading A$0.05 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 4.42, Chorus Limited confirms its breakout through the previous session's low having traded A$0.05 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for CNU.AX

Volatility

Friday's trading range was A$0.09 (2.04%), that's far above last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.

Trend

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

Conclusion

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

Market Conditions for Chorus Limited Foreign Exempt NZX

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