ECX.AX unable to break through key resistance level
Eclipx Group Limited (ECX.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
Moving lower for the 5th day in a row, ECX.AX ended the week -1.57% lower at 3.14 after losing A$0.01 (-0.32%) today. Today's closing price of 3.14 marks the lowest close since May 10th. Closing within the previous day's range, prices failed to decisively move beyond the prior 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 (ECX.AX as at Jul 13, 2018):
Friday's trading range was A$0.06 (1.9%), that's slightly below last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Unable to break through the key technical resistance level at 3.16, the share closed below it after spiking as high as 3.16 during the day. The failure to close above the resistance might increase that levels importance 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 3.03, downside momentum could accelerate should the market break out to new lows for the year.