PLS.AX closes flat at 0.0%
Pilbara Min Limited (PLS.AX) Technical Analysis Report for Oct 12, 2018
PLS.AX finished the week -7.06% lower at 0.79 after flat today, slightly underperforming the market (ASX 200, 0.2%).
Daily Candlestick Chart (PLS.AX as at Oct 12, 2018):
Friday's trading range was $0.02 (2.56%), that's below last trading month's daily average range of $0.03. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.
In spite of a weak opening the stock managed to close above the prior day's open and close, forming a bullish Engulfing Candle. The last time this happened on September 12th, PLS.AX lost 0.00% on the following trading day.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could accelerate should prices move below the nearby swing low at 0.76 where further sell stops might get activated.