GOZ.AX finds buyers around 3.53 for the third day in a row
Growthpoint Property Unit/ Stapled Securities (GOZ.AX) Technical Analysis Report for Jun 14, 2018
GOZ.AX ended Thursday at 3.55 flat. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (GOZ.AX as at Jun 14, 2018):
Thursday's trading range was A$0.04 (1.13%), that's slightly below last trading month's daily average range of A$0.05. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.
Regardless of a weak opening the share managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
Prices are trading close to a key support level at 3.52. The stock found buyers again today around 3.53 for the third trading day in a row after having found demand at 3.54 in the prior session and at 3.53 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 3.53 where further sell stops could get triggered. As prices are trading close to June's low at 3.52, downside momentum might speed up should Growthpoint Property mark new lows for the month.