Traders officially love to sell FXJ.AX against 0.88 level
Fairfax Media Limited (FXJ.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, FXJ.AX ended the week 2.33% higher at 0.88 after gaining A$0.01 (1.15%) today. Today's closing price of 0.88 marks the highest close since November 15, 2017. Trading up to A$0.01 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (FXJ.AX as at Aug 10, 2018):
Friday's trading range was A$0.02 (2.3%), that's below last trading month's daily average range of A$0.03. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.
The market was sold again around 0.88 after having seen highs at 0.88, 0.88 and 0.88 in the last three trading sessions. Obviously there is something going on at that level.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 0.88 where further buy stops might get activated.