GPT.AX pushes through key resistance level
GPT Group (GPT.AX) Technical Analysis Report for May 18, 2018 | by Techniquant Editorial Team
GPT.AX ended the week -1.43% lower at 4.81 after gaining A$0.05 (1.05%) today on low volume. Closing above Thursday's high at 4.80, the share confirms its breakout through the previous session's high having traded A$0.04 above it intraday.
Daily Candlestick Chart (GPT.AX as at May 18, 2018):
Friday's trading range was A$0.06 (1.26%), that's slightly below last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being above average.
Breaking through the key resistance level at 4.80 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 4.85. After spiking up to 4.84 during the day, GPT Group found resistance at the 20-day moving average at 4.81.
The stock shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.