NEC.AX breaks below previous session low
Nine Entertainment (NEC.AX) Technical Analysis Report for Sep 14, 2018
NEC.AX finished the week -1.75% lower at 2.24 after losing A$0.02 (-0.88%) today. Trading A$0.04 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing below Thursday's low at 2.25, Nine Entertainment confirms its breakout through the prior session's low having traded A$0.01 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.05 (2.22%), that's below last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average.
After having been unable to move lower than 2.25 in the previous session, the stock found buyers again around the same price level today at 2.24.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling might accelerate should prices move below the nearby swing low at 2.22 where further sell stops could get activated. Trading close to July's low at 2.15 we might see further downside momentum if potential sell stops at the level get triggered.
While classical technical analysis indicates a slightly bearish sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
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