NAB.AX closes below its opening price unable to hold early session gains
National Australia Bank Ltd (NAB.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving lower for the 4th day in a row, NAB.AX ended Thursday at 25.95 losing A$0.19 (-0.73%). Today's closing price of 25.95 marks the lowest close since November 9, 2016. Trading A$0.08 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Wednesday's low at 26.03, the stock confirms its breakout through the prior session's low having traded A$0.13 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (NAB.AX as at Jun 14, 2018):
Thursday's trading range was A$0.18 (0.69%), that's below last trading month's daily average range of A$0.28. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.