GPT.AX finds buyers around 4.65 for the third day in a row
GPT.AX ended Tuesday at 4.67 edging higher A$0.01 (0.21%). Trading A$0.02 higher after the open, the market was unable to hold its gains as the bears took control ending the day below 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.
Tuesday's trading range was A$0.05 (1.07%), that's below last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 4.65 and 4.71 which it has been in now for the last three days.
Prices are trading close to the key resistance level at 4.71. GPT Group found buyers again today around 4.65 for the third trading day in a row after having found demand at 4.65 in the prior session and at 4.65 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 4.59, downside momentum might speed up should the stock break out to new lows for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
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