DOW.AX unable to break through key resistance level
Downer Edi Limited (DOW.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
DOW.AX ended the week -0.84% lower at 7.12 after losing A$0.02 (-0.28%) today on low volume. Trading A$0.07 higher after the open, Downer Edi was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (DOW.AX as at Jul 13, 2018):
Friday's trading range was A$0.10 (1.4%), that's slightly below last trading month's daily average range of A$0.12. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Unable to break through the key technical resistance level at 7.20, the market closed below it after spiking as high as 7.20 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The share shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Selling might speed up should prices move below the nearby swing low at 7.08 where further sell stops could get activated.