COH.AX pushes through 50-day moving average
Cochlear Limited (COH.AX) Technical Analysis Report for Sep 14, 2018
COH.AX finished the week -0.52% lower at 205.28 after gaining A$3.00 (1.48%) today on low volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.
Friday's trading range was A$2.79 (1.37%), that's slightly below last trading month's daily average range of A$3.59. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the share managed to close higher but below the prior day's open, forming a bullish Harami Candle.
Although the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. The stock managed to break above the 50-day moving average at 205.23 today for the first time since September 7th.
Buying might speed up should prices move above the close-by swing high at 207.40 where further buy stops could get activated. Selling might accelerate should prices move below the nearby swing low at 201.96 where further sell stops could get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
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