GNC.AX closes below its opening price unable to hold early session gains
Graincorp Limited Class A (GNC.AX) Technical Analysis Report for Jul 13, 2018
GNC.AX ended the week -0.93% lower at 7.49 after losing A$0.02 (-0.27%) today. Trading A$0.04 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.08 (1.06%), that's far below last trading month's daily average range of A$0.15. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 7.45 and 7.58 which it has been in now for the last trading week.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 7.58 where further buy stops could get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.