Traders officially love to buy GXY.AX around 2.49 level

Galaxy Resources (GXY.AX) Technical Analysis Report for Sep 14, 2018

Highlights

Traders officially love to buy GXY.AX around 2.49 level
GXY.AX closes below its opening price unable to hold early session gains
GXY.AX unable to break through key resistance level
GXY.AX ends the day on a bearish note closing near the low of the day

TQ Sentiment

Report Sentiment: 75% Bearish
Technical Forecast:

Overview

GXY.AX ended the week -6.04% lower at 2.49 after losing A$0.03 (-1.19%) today. Trading A$0.05 higher after the open, the stock was unable to hold its gains as the bears took control ending the day below its opening price. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for GXY.AX

Volatility

Friday's trading range was A$0.10 (3.94%), that's slightly below last trading month's daily average range of A$0.12. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.

Support/Resistance

Unable to break through the key technical resistance level at 2.54, Galaxy Resources closed below it after spiking as high as 2.59 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The share was bought again around 2.49 after having seen lows at 2.49, 2.49 and 2.49 in the last three trading sessions. Obviously there is something going on at that level.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being neutral.

Market Conditions for Galaxy Resources

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