DXS.AX finds support at 50-day moving average
Moving lower for the 3rd day in a row, DXS.AX ended Thursday at 9.60 edging lower A$0.01 (-0.1%). Today's closing price of 9.60 marks the lowest close since May 17th. Trading up to A$0.12 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. 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$0.16 (1.67%), that's slightly above last trading month's daily average range of A$0.15. Weekly volatility is also higher, being above the markets average with the monthly volatility being slightly above average.
Prices are trading close to the key resistance level at 9.69. After trading as low as 9.47 during the day, the stock found support at the 50-day moving average at 9.56.
Dexus shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish. The market broke below the 200-day moving average at 9.61 today for the first time since May 16th.
Further selling could move prices lower should the market test May's close-by low at 9.44.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for Dexus
|Close to R1 Resistance||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Bullish Break through SMA 20||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
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