NAB.AX closes above its opening price after recovering from early selling pressure
National Australia Bank Ltd (NAB.AX) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
NAB.AX finished Thursday at 27.60 gaining A$0.08 (0.29%) on low volume. Trading up to A$0.28 lower after the open, National Australia managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (NAB.AX as at May 17, 2018):
Thursday's trading range was A$0.56 (2.04%), that's above last trading month's daily average range of A$0.42. Weekly volatility is also higher, being way above the markets average with the monthly volatility being way above average.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar. Despite a weak opening the share managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
After having been unable to move above 27.64 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 27.70.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.