GTY.AX finds buyers around 2.27 for the third day in a row
Gateway Lifestyle Stapled Securities (GTY.AX) Technical Analysis Report for Aug 10, 2018
GTY.AX ended the week unchanged at 2.27 after flat today. The bears were in full control today, moving the market lower throughout the whole session.
Daily Candlestick Chart (GTY.AX as at Aug 10, 2018):
Friday's trading range was A$0.01 (0.44%), that's below last trading month's daily average range of A$0.02. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
The stock found buyers again today around 2.27 for the third trading day in a row after having found demand at 2.27 in the prior session and at 2.27 two days ago.
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.
Buying might accelerate should prices move above the nearby swing high at 2.29 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 2.26 where further sell stops could get triggered. Further selling might move prices lower should the market test July's nearby low at 2.25.