COH.AX pushes through 50-day moving average

Cochlear Limited (COH.AX) Technical Analysis Report for Sep 14, 2018

Highlights

COH.AX pushes through 50-day moving average
COH.AX closes within previous day's range

TQ Sentiment

Report Sentiment: 33% Bullish
Technical Forecast:

Overview

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.

Daily chart for COH.AX

Volatility

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.

Price Action

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.

Trend

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.

Order Flow

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.

Conclusion

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

Market Conditions for Cochlear Limited

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Latest Report:

COH.AX stuck within tight trading range

Sep 21, 2018
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