DLX.AX closes lower for the 3rd day in a row
Duluxgroup Limited (DLX.AX) Technical Analysis Report for Sep 14, 2018
Moving lower for the 3rd day in a row, DLX.AX finished the week 0.51% higher at 7.84 after losing A$0.02 (-0.25%) today on low volume. Trading A$0.03 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.05 (0.64%), that's far below last trading month's daily average range of A$0.13. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 7.80 and 7.91 which it has been in now for the last three days.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to a key support level at 7.82.
Though Duluxgroup Limited is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.
Buying might accelerate should prices move above the close-by swing high at 7.91 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 7.80 where further sell stops could get activated.
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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