CSR.AX finds buyers at key support level
CSR Limited (CSR.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, CSR.AX finished the week 2.64% higher at 4.28 after losing A$0.02 (-0.47%) today. Closing below Thursday's low at 4.29, the stock confirms its breakout through the prior session's low having traded A$0.06 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (CSR.AX as at Aug 10, 2018):
Friday's trading range was A$0.08 (1.86%), that's slightly below last trading month's daily average range of A$0.09. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
After trading as low as 4.23 during the day, the share bounced off the key support level at 4.24. The failure to close below the support could increase that levels importance as support going forward. After trading as low as 4.23 during the day, CSR Limited found support at the 20-day moving average at 4.25.
While the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.