PPT.AX ends the day indecisive
Perpetual Limited (PPT.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
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.
Daily Candlestick Chart (PPT.AX as at Jun 14, 2018):
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.