GTY.AX ends the day indecisive
Gateway Lifestyle Stapled Securities (GTY.AX) Technical Analysis Report for Jul 13, 2018
GTY.AX finished the week -1.71% lower at 2.30 after flat today. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was A$0.01 (0.43%), that's far below last trading month's daily average range of A$0.03. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average.
In spite of a weak opening Gateway Lifestyle managed to close above the prior day's open and close, forming a bullish Engulfing Candle.
After having been unable to move lower than 2.30 in the previous session, the stock found buyers again around the same price level today at 2.30.
Although the market is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.
Selling might accelerate should prices move below the close-by swing low at 2.29 where further sell 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.