CWN.AX surges 1.11% closing A$0.15 higher

Crown Resorts Limited (CWN.AX) Technical Analysis Report for Jul 13, 2018

Highlights

CWN.AX rallies 1.11% closing A$0.15 higher
CWN.AX pushes through key resistance level
CWN.AX pushes through 20-day moving average
CWN.AX finds buyers again around 13.46
CWN.AX pushes through previous session high

TQ Sentiment

Report Sentiment: 85% Bullish
Technical Forecast:

Overview

CWN.AX ended the week 1.11% higher at 13.65 after surging A$0.15 (1.11%) today. This is the biggest single day gain in over four weeks. Today's closing price of 13.65 marks the highest close since June 28th. Closing above Thursday's high at 13.58, Crown Resorts confirms its breakout through the prior session's high having traded A$0.16 above it intraday.

Daily chart for CWN.AX

Volatility

Friday's trading range was A$0.28 (2.08%), that's far above last trading month's daily average range of A$0.20. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.

Price Action

In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.

Support/Resistance

Breaking through the key resistance level at 13.60 today, it is now likely to act as support going forward. After having been unable to move lower than 13.48 in the previous session, the market found buyers again around the same price level today at 13.46.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The share managed to break above the 20-day moving average at 13.56 today for the first time since June 15th.

Order Flow

With prices trading close to this year's high at 13.88, upside momentum might speed up should the stock be able to break out to new highs for the year. Further buying could move prices higher should the market test June's nearby high at 13.86.

Conclusion

Even though both sentiments are bullish for the next trading day, our quantitative statistics are only slightly bullish while the classical technical analysis metrics show a very bullish sentiment.

Market Conditions for Crown Resorts Limited

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