NVT.AX dominated by bears dragging the market lower throughout the day
Navitas Limited (NVT.AX) Technical Analysis Report for Jul 13, 2018
Moving lower for the 3rd day in a row, NVT.AX finished the week -4.05% lower at 4.26 after losing A$0.10 (-2.29%) today on high volume. Today's closing price of 4.26 marks the lowest close since April 27th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 4.36, the market confirms its breakout through the previous session's low having traded A$0.10 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.12 (2.76%), that's above last trading month's daily average range of A$0.09. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly above average.
Unable to break through the key technical resistance level at 4.36, the share closed below it after spiking as high as 4.38 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
With prices trading close to this year's low at 4.23, downside momentum might accelerate should Navitas Limited break out to new lows for the year. Trading close to May's low at 4.25 we could see further downside momentum if potential sell stops at the level get triggered.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.