EHE.AX dominated by bears dragging the market lower throughout the day
Estia Health Limited (EHE.AX) Technical Analysis Report for Jul 13, 2018
EHE.AX ended the week -1.2% lower at 3.28 after losing A$0.02 (-0.61%) today on low volume. The bears were in full control today, moving the market lower throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.06 (1.8%), that's below last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 3.26. After having been unable to move above 3.32 in the previous session, the market ran into sellers again around the same price level today, failing to move higher than 3.33.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Further selling might move prices lower should the market test June's close-by low at 3.16.
Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a slightly bearish sentiment for the next trading day.