CPU.AX unable to break through key resistance level


Computershare Ltd (CPU.AX) Technical Analysis Report for Jul 13, 2018 [1 min read]
Highlights
CPU.AX closes below its opening price unable to hold early session gains
CPU.AX unable to break through key resistance level
CPU.AX fails to close above 20-day moving average
CPU.AX ends the day on a bearish note closing near the low of the day
CPU.AX finds buyers again around 18.12
TQ Sentiment
Report Sentiment: 71% Bearish
Technical Forecast:
Overview

CPU.AX finished the week -0.22% lower at 18.19 after losing A$0.16 (-0.87%) today. Trading A$0.20 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for CPU.AX
Volatility

Friday's trading range was A$0.37 (2.02%), that's far above last trading month's daily average range of A$0.26. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar.

Support/Resistance

Unable to break through the key technical resistance level at 18.29, the market closed below it after spiking as high as 18.49 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward. After having been unable to move lower than 18.13 in the prior session, the share found buyers again around the same price level today at 18.12. After spiking up to 18.49 during the day, Computershare Ltd found resistance at the 20-day moving average at 18.37.

Trend

Though CPU.AX is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.

Conclusion

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

Market Conditions for Computershare Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Bearish Intraday Reversal TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
Bullish Bounce off SMA 50 TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Bearish High-Wave Candle TQ Pro Members Only
More market conditions identified for TQ Pro members...
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