NTES pushes through 50-day moving average
Moving lower for the 2nd day in a row, NTES ended Thursday at 255.04 losing $0.17 (-0.07%). Trading up to $2.99 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was $4.65 (1.83%), that's below last trading month's daily average range of $7.69. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being slightly below average.
Though the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory. NetEase Inc. managed to break above the 50-day moving average at 254.95 today for the first time since June 12th.
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 NetEase Inc.
|Bearish Break through SMA 50||TQ Pro Members Only|
|4 Consecutive Lower Closes||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|RSI(2) below 20||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
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