GXL.AX finds support at 20-day moving average
Greencross Limited (GXL.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, GXL.AX finished Thursday at 4.42 losing A$0.05 (-1.12%). Today's closing price of 4.42 marks the lowest close since May 28th. Trading A$0.04 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (GXL.AX as at Jun 14, 2018):
Thursday's trading range was A$0.11 (2.48%), that's slightly above last trading month's daily average range of A$0.11. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
After trading as low as 4.36 during the day, the stock found support at the 20-day moving average at 4.37.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the close-by swing high at 4.54 where further buy stops could get triggered. Selling might speed up should prices move below the nearby swing low at 4.36 where further sell stops could get activated.