HVN.AX finds support at 50-day moving average
Harvey Norman (HVN.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, HVN.AX finished the week 0.58% higher at 3.49 after gaining A$0.05 (1.45%) today on low volume. Today's closing price of 3.49 marks the highest close since August 2nd. Closing above Thursday's high at 3.47, Harvey Norman confirms its breakout through the prior session's high having traded A$0.04 above it intraday.
Daily Candlestick Chart (HVN.AX as at Aug 10, 2018):
Friday's trading range was A$0.05 (1.44%), that's below last trading month's daily average range of A$0.06. 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 a key support level at 3.44. After trading as low as 3.46 during the day, the share found support at the 50-day moving average at 3.47.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term. The market managed to break above the 50-day moving average at 3.47 today for the first time since July 12th.