PLS.AX stuck within tight trading range

Pilbara Min Limited (PLS.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team


PLS.AX dominated by bears dragging the market lower throughout the day
PLS.AX stuck within tight trading range


PLS.AX finished the week -2.22% lower at 0.88 after flat today on low volume. The bears were in full control today, moving the market lower throughout the whole session.

Daily Candlestick Chart (PLS.AX as at Aug 10, 2018):

Daily technical analysis candlestick chart for Pilbara Min Limited (PLS.AX) as at Aug 10, 2018

Friday's trading range was A$0.01 (1.12%), that's far below last trading month's daily average range of A$0.04. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 0.86 and 0.89 which it has been in now for the last three days.

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Selling might accelerate should prices move below the close-by swing low at 0.86 where further sell stops could get triggered.

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