NXT.AX closes higher for the 2nd day in a row
NEXTDC Limited (NXT.AX) Technical Analysis Report for Jul 13, 2018
Moving higher for the 2nd day in a row, NXT.AX finished the week -0.41% lower at 7.28 after gaining A$0.10 (1.39%) today. Closing above Thursday's high at 7.24, the market confirms its breakout through the previous session's high having traded A$0.20 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was A$0.18 (2.48%), that's slightly below last trading month's daily average range of A$0.20. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being way above average.
Unable to break through the key technical resistance level at 7.31, the stock closed below it after spiking as high as 7.44 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward.
Though the share is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
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