NCM.AX pushes through key resistance level
NCM.AX finished Thursday at 20.50 gaining A$0.20 (0.99%). Closing above Wednesday's high at 20.40, the stock confirms its breakout through the prior session's high having traded A$0.26 above it intraday.
Thursday's trading range was A$0.35 (1.72%), that's slightly above last trading month's daily average range of A$0.33. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly below average.
Breaking through the key resistance level at 20.37 today, it is now likely to act as support going forward.
Newcrest Mining shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
While classical technical analysis indicates a very bullish sentiment for the next trading day, our quantitative statistics show a different picture being very bearish.
Market Conditions for Newcrest Mining Ltd
|Close to S1 Support||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Bounced off Technical Support S1||TQ Pro Members Only|
|Shooting Star||TQ Pro Members Only|
|5 Consecutive Higher Closes||TQ Pro Members Only|
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