COH.AX breaks below previous session low
Cochlear Limited (COH.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 5th day in a row, COH.AX ended the week -3.41% lower at 196.89 after edging lower A$0.45 (-0.23%) today on low volume. Today's closing price of 196.89 marks the lowest close since July 11th. Closing below Thursday's low at 197.01, the share confirms its breakout through the prior session's low having traded A$0.59 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 Aug 10, 2018):
Friday's trading range was A$3.01 (1.52%), that's below last trading month's daily average range of A$3.61. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 196.10.
Although Cochlear Limited is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
Further selling could move prices lower should the market test July's close-by low at 196.10.