CPU.AX finds buyers at key support level
Computershare Ltd (CPU.AX) Technical Analysis Report for May 17, 2018
CPU.AX ended Thursday at 18.22 losing A$0.10 (-0.55%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Thursday's trading range was A$0.31 (1.69%), that's above last trading month's daily average range of A$0.26. Weekly volatility is also higher, being above the markets average with the monthly volatility being way above average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
After trading as low as 18.07 during the day, the stock bounced off the key support level at 18.09. The failure to close below the support could increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 18.48 where further buy stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being very bullish.
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