CQR.AX breaks below 50-day moving average
Charter Hall Retail Units FP (CQR.AX) Technical Analysis Report for Jul 13, 2018
CQR.AX finished the week -0.24% lower at 4.21 after losing A$0.04 (-0.94%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.06 (1.41%), that's slightly above last trading month's daily average range of A$0.05. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Despite a strong opening the share closed below the previous day's open and close, forming a bearish Engulfing Candle.
Prices are trading close to a key support level at 4.18. After having been unable to move lower than 4.20 in the prior session, Charter Hall found buyers again around the same price level today at 4.20. After spiking up to 4.26 during the day, the market found resistance at the 20-day moving average at 4.26.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The stock broke below the 50-day moving average at 4.21 today for the first time since July 11th.
Selling could speed up should prices move below the nearby swing low at 4.18 where further sell stops might get triggered. Further selling could move prices lower should the market test June's close-by low at 4.14.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.