NCM.AX slips to lowest close since May 2nd
Newcrest Mining Ltd (NCM.AX) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (NCM.AX as at May 17, 2018):
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.
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.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.