DXS.AX breaks key support level
Dexus (DXS.AX) Technical Analysis Report for Apr 17, 2018
DXS.AX finished Tuesday at 9.16 losing A$0.06 (-0.65%). Today's closing price of 9.16 marks the lowest close since February 12th. Closing below Saturday's low at 9.19, Dexus confirms its breakout through the previous session's low having traded A$0.07 below it intraday.
Tuesday's trading range was A$0.13 (1.41%), that's slightly above last trading month's daily average range of A$0.12. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
Notwithstanding a strong opening the share closed below the prior day's open and close, forming a bearish Engulfing Candle.
Prices are trading close to a key support level at 9.09. Breaking below the key support level at 9.22 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 8.98, downside momentum could accelerate should the stock break out to new lows for the year. Further selling might move prices lower should the market test March's nearby low at 9.09.
While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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