PPT.AX ends the day indecisive
Moving lower for the 2nd day in a row, PPT.AX finished Thursday at 39.60 edging lower A$0.06 (-0.15%). Trading A$0.38 higher after the open, the market was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Thursday's trading range was A$0.93 (2.34%), that's above last trading month's daily average range of A$0.75. Weekly volatility is also higher, being slightly above the markets average with the monthly volatility being slightly below average.
Prices are trading close to the key resistance level at 39.70. After trading as low as 39.17 during the day, the share found support at the 20-day moving average at 39.45.
Though the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory.
With prices trading close to this year's low at 38.04, downside momentum could accelerate should Perpetual Limited break out to new lows for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Market Conditions for Perpetual Limited
|Close to R1 Resistance||TQ Pro Members Only|
|Decisive Up Move||TQ Pro Members Only|
|White Candle||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Closed above last periods high||TQ Pro Members Only|
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