PRY.AX finds support at 20-day moving average
Primary Health Care (PRY.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
PRY.AX finished the week -0.56% lower at 3.56 after flat today. Closing within the prior day's range, prices failed to decisively move beyond 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 (PRY.AX as at Jul 13, 2018):
Friday's trading range was A$0.06 (1.68%), that's slightly above last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 3.53 and 3.61 which it has been in now for the last trading week.
After trading as low as 3.53 during the day, the share found support at the 20-day moving average at 3.55.
Though the market is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.
Buying might accelerate should prices move above the nearby swing high at 3.61 where further buy stops could get triggered. As prices are trading close to July's high at 3.62, upside momentum might speed up should the stock mark new highs for the month.