NVT.AX finds buyers again around 4.24
Navitas Limited (NVT.AX) Technical Analysis Report for Sep 14, 2018
NVT.AX ended the week -4.04% lower at 4.28 after gaining A$0.02 (0.47%) today. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was A$0.05 (1.18%), that's far below last trading month's daily average range of A$0.09. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way below average.
Prices are trading close to the key resistance level at 4.31. After having been unable to move lower than 4.25 in the prior session, the market found buyers again around the same price level today at 4.24.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
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