NCM.AX finds buyers at key support level

Newcrest Mining Ltd (NCM.AX) Technical Analysis Report for Apr 17, 2018

Highlights

NCM.AX finds buyers at key support level
NCM.AX closes lower for the 2nd day in a row
NCM.AX finds buyers again around 20.01
NCM.AX closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

Moving lower for the 2nd day in a row, NCM.AX finished Tuesday at 20.08 edging lower A$0.02 (-0.1%). Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily chart for NCM.AX

Volatility

Tuesday's trading range was A$0.17 (0.84%), 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 above the markets average with the monthly volatility being way below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. Even with a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

After trading as low as 20.01 during the day, the market bounced off the key support level at 20.06. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move lower than 20.02 in the previous session, the share found buyers again around the same price level today at 20.01.

Trend

While Newcrest Mining is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Order Flow

Buying might speed up should prices move above the close-by swing high at 20.37 where further buy stops could get activated.

Conclusion

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

Market Conditions for Newcrest Mining Ltd

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