DOW.AX closes within previous day's range after lackluster session
Downer Edi Limited (DOW.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
DOW.AX finished the week 2.72% higher at 7.92 after gaining A$0.03 (0.38%) today on low volume. Trading up to A$0.04 lower after the open, the market 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.
Daily Candlestick Chart (DOW.AX as at Sep 14, 2018):
Friday's trading range was A$0.10 (1.27%), that's below last trading month's daily average range of A$0.13. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
After trading as low as 7.84 during the day, the share bounced off the key support level at 7.87. The failure to close below the support might increase that levels importance as support going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 7.97 where further buy stops might get activated.