GEM.AX stuck within tight trading range
GEM.AX finished Thursday at 2.42 flat on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was A$0.04 (1.65%), that's far below last trading month's daily average range of A$0.08. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 2.40 and 2.48 which it has been in now for the last three days.
Prices are trading close to a key support level at 2.39. G8 Education found buyers again today around 2.40 for the third trading day in a row after having found demand at 2.41 in the previous session and at 2.41 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the nearby swing high at 2.50 where further buy stops might get activated. Selling could speed up should prices move below the close-by swing low at 2.39 where further sell 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 bearish.
Market Conditions for G8 Education Limited
|2 Consecutive Lower Closes||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Bounced off Technical Support S1||TQ Pro Members Only|
|Hammer||TQ Pro Members Only|
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