ECX.AX pushes through key resistance level
Eclipx Group Limited (ECX.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
ECX.AX finished the week -3.73% lower at 2.58 after gaining A$0.07 (2.79%) today. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 2.57, the share confirms its breakout through the prior session's high having traded A$0.02 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (ECX.AX as at Sep 14, 2018):
Friday's trading range was A$0.08 (3.17%), that's far below last trading month's daily average range of A$0.10. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
Breaking through the key resistance level at 2.54 today, it is now likely to act as support going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the close-by swing low at 2.48 where further sell stops might get activated. As prices are trading close to September's high at 2.74, upside momentum could speed up should the stock mark new highs for the month.