CTX.AX closes higher for the 2nd day in a row
Caltex Australia Ltd (CTX.AX) Technical Analysis Report for May 17, 2018
Moving higher for the 2nd day in a row, CTX.AX ended Thursday at 30.69 edging higher A$0.02 (0.07%) on low volume. Trading up to A$0.21 lower after the open, the share 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 in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was A$0.44 (1.44%), that's below last trading month's daily average range of A$0.56. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.
Regardless of a weak opening the stock managed to close above the prior day's open and close, forming a bullish Engulfing Candle.
Prices are trading close to the key resistance level at 30.84.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 31.17 where further buy stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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