NHF.AX breaks key support level
Nib Holdings Limited (NHF.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
NHF.AX finished the week 1.79% higher at 5.70 after losing A$0.06 (-1.04%) today on low volume. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session.
Daily Candlestick Chart (NHF.AX as at Aug 10, 2018):
Friday's trading range was A$0.08 (1.39%), that's below last trading month's daily average range of A$0.11. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 5.66 and 5.81 which it has been in now for the last three days.
Breaking below the key support level at 5.72 today, it is now likely to act as resistance going forward.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already. The market broke below the 100-day moving average at 5.71 today for the first time since August 8th.
Buying might accelerate should prices move above the nearby swing high at 5.81 where further buy stops could get activated. Selling might speed up should prices move below the close-by swing low at 5.66 where further sell stops could get triggered. Trading close to June's high at 5.91 we might see further upside momentum if potential buy stops at the level get activated.