GNC.AX finds buyers at key support level
Graincorp Limited Class A (GNC.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
GNC.AX ended Thursday at 7.91 flat. Trading up to A$0.08 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous 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.
Daily Candlestick Chart (GNC.AX as at Jun 14, 2018):
Thursday's trading range was A$0.13 (1.65%), that's below last trading month's daily average range of A$0.17. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
After trading as low as 7.82 during the day, Graincorp Limited bounced off the key support level at 7.84. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move above 7.95 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 7.95. After trading as low as 7.82 during the day, the stock found support at the 20-day moving average at 7.87.
GNC.AX shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Selling could accelerate should prices move below the close-by swing low at 7.79 where further sell stops might get activated.