GXY.AX closes within prior day's range after lackluster session
Galaxy Resources (GXY.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
GXY.AX finished the week 5.13% higher at 3.28 after edging lower A$0.01 (-0.3%) today on low volume. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.
Daily Candlestick Chart (GXY.AX as at Jul 13, 2018):
Friday's trading range was A$0.08 (2.46%), that's below last trading month's daily average range of A$0.10. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to the key resistance level at 3.33. After having been unable to move above 3.32 in the previous session, the share ran into sellers again around the same price level today, failing to move higher than 3.31.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might accelerate should prices move above the nearby swing high at 3.32 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 3.18 where further sell stops could get activated.