FBU.AX pushes through previous session high
Fletcher Building Foreign Exempt NZX (FBU.AX) Technical Analysis Report for Sep 14, 2018
Moving higher for the 2nd day in a row, FBU.AX ended the week 1.76% higher at 5.77 after gaining A$0.02 (0.35%) today. Today's closing price of 5.77 marks the highest close since September 4th. Closing above Thursday's high at 5.76, the market confirms its breakout through the previous session's high having traded A$0.06 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was A$0.07 (1.22%), that's below last trading month's daily average range of A$0.13. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Prices are trading close to the key resistance level at 5.83.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the nearby swing high at 5.84 where further buy stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.