GXL.AX closes lower for the 4th day in a row
Greencross Limited (GXL.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, GXL.AX finished the week -6.83% lower at 4.09 after losing A$0.04 (-0.97%) today. Today's closing price of 4.09 marks the lowest close since July 26th. The bears were in full control today, moving the market lower throughout the whole session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (GXL.AX as at Aug 10, 2018):
Friday's trading range was A$0.08 (1.92%), that's below last trading month's daily average range of A$0.13. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.
Prices are trading close to the key resistance level at 4.18. After having been unable to move lower than 4.09 in the prior session, the share found buyers again around the same price level today at 4.08.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might speed up should prices move below the close-by swing low at 3.98 where further sell stops could get activated. With prices trading close to this year's low at 3.84, downside momentum might accelerate should Greencross Limited break out to new lows for the year. Further selling could move prices lower should the market test July's nearby low at 3.98.