NEC.AX breaks below 20-day moving average
Nine Entertainment (NEC.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
Moving lower for the 3rd day in a row, NEC.AX ended the week -2.75% lower at 2.48 after losing A$0.04 (-1.59%) today. Today's closing price of 2.48 marks the lowest close since July 5th. Closing below Thursday's low at 2.51, the stock confirms its breakout through the prior session's low having traded A$0.05 below it intraday.
Daily Candlestick Chart (NEC.AX as at Jul 13, 2018):
Friday's trading range was A$0.08 (3.17%), that's slightly above last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
Prices are trading close to a key support level at 2.44. Unable to break through the key technical resistance level at 2.54, the share closed below it after spiking as high as 2.54 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
The market shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. Nine Entertainment broke below the 20-day moving average at 2.50 today for the first time since July 2nd.