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

Highlights

Traders officially love to sell FXJ.AX against 0.88 level
FXJ.AX closes above its opening price after recovering from early selling pressure
FXJ.AX closes higher for the 2nd day in a row
FXJ.AX ends the day on a bullish note closing near the high of the day
FXJ.AX rises to highest close since November 15, 2017

Overview

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):

Daily technical analysis candlestick chart for Fairfax Media Limited (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.


Market Conditions for FXJ.AX as at Aug 10, 2018

Loading Market Conditions for FXJ.AX (Fairfax Media Limited)...
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