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NCM.AX slips to lowest close since May 2nd


Technical Analysis Report for NCM.AX - May 17, 2018 [< 1 min read]
Highlights
NCM.AX closes above its opening price after recovering from early selling pressure
NCM.AX finds buyers at key support level
NCM.AX closes lower for the 4th day in a row
NCM.AX falls to lowest close since May 2nd
NCM.AX closes within previous day's range
TQ Sentiment
Technical Forecast:
Overview

Moving lower for the 4th day in a row, NCM.AX finished Thursday at 21.13 edging lower A$0.01 (-0.05%). Today's closing price of 21.13 marks the lowest close since May 2nd. Trading up to A$0.30 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for NCM.AX
Volatility

Thursday's trading range was A$0.43 (2.04%), that's above last trading month's daily average range of A$0.36. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly above average.

Support/Resistance

After trading as low as 20.82 during the day, Newcrest Mining bounced off the key support level at 21.03. The failure to close below the support might increase that levels importance as support going forward.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Conclusion

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

Report Market Conditions
ConditionForecastDirectionWinAvgWorstBest
Bounced off Technical Support S1 TQ Pro Members Only
4 Consecutive Lower Closes TQ Pro Members Only
Bullish Intraday Reversal TQ Pro Members Only
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