NEC.AX pushes through key resistance level
Nine Entertainment (NEC.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving higher for the 3rd day in a row, NEC.AX finished the week 1.27% higher at 2.40 after gaining A$0.01 (0.42%) today. Today's closing price of 2.40 marks the highest close since July 25th. Closing within the previous day's range, prices failed to decisively move past the prior 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 (NEC.AX as at Aug 10, 2018):
Friday's trading range was A$0.07 (2.94%), that's slightly above last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
Breaking through the key resistance level at 2.39 today, it is now likely to act as support going forward. After trading as low as 2.36 during the day, the share found support at the 100-day moving average at 2.37.
The stock shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish. The market managed to break above the 20-day moving average at 2.39 today for the first time since July 24th.