NTES finds support at 20-day moving average
NetEase Inc. (NTES) Technical Analysis Report for Sep 14, 2018
Moving higher for the 4th day in a row, NTES ended the week 4.44% higher at 201.93 after gaining $0.17 (0.08%) today. Today's closing price of 201.93 marks the highest close since August 29th. Trading $1.00 higher after the open, NetEase Inc. was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous 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.
Friday's trading range was $2.56 (1.27%), that's far below last trading month's daily average range of $6.39. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way below average.
After having been unable to move above 202.45 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 203.00. After trading as low as 200.44 during the day, the share found support at the 20-day moving average at 201.07.
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.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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