NST.AX pops to highest close since June 4th


Northern Star (NST.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
NST.AX rallies 1.92% closing A$0.12 higher
Traders officially love to buy NST.AX around 6.25 level
NST.AX dominated by bulls lifting the market higher throughout the day
NST.AX pushes through 100-day moving average
NST.AX unable to break through key resistance level
TQ Sentiment
Technical Forecast:
Overview

NST.AX ended Thursday at 6.37 surging A$0.12 (1.92%). This is the biggest single day gain in over two weeks. Today's closing price of 6.37 marks the highest close since June 4th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 6.33, the share confirms its breakout through the prior session's high having traded A$0.08 above it intraday.

Daily chart for NST.AX
Volatility

Thursday's trading range was A$0.16 (2.56%), that's above last trading month's daily average range of A$0.13. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 6.23 and 6.41 which it has been in now for the last trading week.

Price Action

Notwithstanding a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Unable to break through the key technical resistance level at 6.40, Northern Star closed below it after spiking as high as 6.41 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The stock was bought again around 6.25 after having seen lows at 6.23, 6.25 and 6.24 in the last three trading sessions. Obviously there is something going on at that level. After spiking up to 6.41 during the day, NST.AX found resistance at the 50-day moving average at 6.40.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The share managed to break above the 100-day moving average at 6.33 today for the first time since June 1st.

Order Flow

Buying could speed up should prices move above the close-by swing high at 6.49 where further buy stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.

Market Conditions for Northern Star
ConditionForecastDirectionWinAvgWorstBestEvents
Close to R1 Resistance TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Bounced off Technical Resistance R1 TQ Pro Members Only
Close to Swing Low TQ Pro Members Only
More market conditions identified for TQ Pro members...
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