NFX closes above its opening price after recovering from early selling pressure
Newfield Exploration Company (NFX) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
NFX finished Thursday at 29.34 gaining $0.39 (1.35%). Today's closing price of 29.34 marks the highest close since May 1st. Trading up to $0.24 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Wednesday's high at 29.09, the market confirms its breakout through the previous session's high having traded $0.58 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (NFX as at May 17, 2018):
Thursday's trading range was $0.59 (2.01%), that's below last trading month's daily average range of $0.99. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average.
After trading as low as 29.08 during the day, the share bounced off the key support level at 29.13. The failure to close below the support might increase that levels importance as support going forward.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Further buying could move prices higher should the market test April's close-by high at 30.39.