PPT.AX closes higher for the 2nd day in a row
Perpetual Limited (PPT.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, PPT.AX ended the week 0.76% higher at 43.77 after gaining A$0.27 (0.62%) today on low volume. Trading up to A$0.40 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (PPT.AX as at Jul 13, 2018):
Friday's trading range was A$0.65 (1.49%), that's slightly below last trading month's daily average range of A$0.88. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.
Breaking through the key resistance level at 43.68 today, it is now likely to act as support going forward. After having been unable to move above 43.84 in the prior session, Perpetual Limited ran into sellers again around the same price level today, failing to move higher than 43.85.
Although still in a long-term downtrend, the short and medium-term trends both turned bullish already. The stock managed to break above the 100-day moving average at 43.71 today for the first time since July 10th.