COH.AX dominated by bears dragging the market lower throughout the day
Cochlear Limited (COH.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, COH.AX finished Thursday at 189.80 tanking A$8.41 (-4.24%) on high volume. This is the biggest single day loss in over five years. Today's closing price of 189.80 marks the lowest close since April 26th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 196.90, Cochlear Limited confirms its breakout through the prior session's low having traded A$7.27 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (COH.AX as at Jun 14, 2018):
Thursday's trading range was A$9.80 (4.93%), that's far above last trading month's daily average range of A$4.02. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 186.82. Breaking below the key support level at 191.79 today, it is now likely to act as resistance going forward.
Although the share is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive. The market broke below the 50-day moving average at 191.94 today for the first time since April 12th.