NCM.AX dominated by bears dragging the market lower throughout the day
Newcrest Mining Ltd (NCM.AX) Technical Analysis Report for May 18, 2018
Moving lower for the 5th day in a row, NCM.AX finished the week -6.75% lower at 20.72 after losing A$0.41 (-1.94%) today. Today's closing price of 20.72 marks the lowest close since April 23rd. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 20.82, the share confirms its breakout through the prior session's low having traded A$0.22 below it intraday.
Friday's trading range was A$0.57 (2.7%), that's far above last trading month's daily average range of A$0.37. Weekly volatility is also higher, being way above the markets average with the monthly volatility being slightly above average.
Breaking below the key support level at 21.03 today, it is now likely to act as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being neutral.
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