CTD.AX closes higher for the 2nd day in a row
Corp Travel Limited (CTD.AX) Technical Analysis Report for Jul 13, 2018
Moving higher for the 2nd day in a row, CTD.AX ended the week 0.54% higher at 27.91 after gaining A$0.24 (0.87%) today. Today's closing price of 27.91 marks the highest close since Inception. Trading up to A$0.38 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was A$0.75 (2.71%), that's above last trading month's daily average range of A$0.62. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bullish Outside Bar.
Unable to break through the key technical resistance level at 27.97, Corp Travel closed below it after spiking as high as 28.06 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After having been unable to move lower than 27.38 in the prior session, the market found buyers again around the same price level today at 27.31.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.