CQR.AX unable to break through key resistance level
Charter Hall Retail Units FP (CQR.AX) Technical Analysis Report for Mar 15, 2019 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, CQR.AX finished the week 1.08% higher at 4.70 after gaining $0.04 (0.86%) today, outperforming the ASX 200 (-0.07%). Today's close at 4.70 marks the highest recorded closing price since December 27, 2018. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (CQR.AX as at Mar 15, 2019):
Friday's trading range has been $0.07 (1.5%), that's slightly below the last trading month's daily average range of $0.07. Things look different on the weekly timeframe, where the market's trading range of the last week has been above the market's average weekly trading range. The longer-term, monthly volatility is currently higher than usual for CQR.AX.
Prices are trading close to the key technical support level at 4.65 (S1). Unable to break through the key technical resistance level at 4.72 (R1), the market closed below it after spiking up to 4.74 earlier during the day. The failure to close above the resistance might increase that levels importance going forward. When prices bounced off a significant resistance level the last time on Wednesday, CQR.AX actually gained 1.30% on the following trading day.
Crossing above the upper Bollinger Band for the first time since February 8th, prices have shown unusually strong upward momentum in the short-term. This could either indicate a potential buying climax after which prices might head back down towards the mean of the Bollinger Bands at 4.60 or signal the beginning of a strong momentum breakout leading to even higher prices.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Among the five market conditions that our pattern recognition engine identified today, the statistics for the Price Action based market condition "52 Week High" stand out. Its common bullish interpretation has been confirmed for Charter Hall. Out of 71 times, CQR.AX closed higher 52.11% of the time on the next trading day after the market condition occurred.