PRY.AX closes below its opening price unable to hold early session gains
Primary Health Care (PRY.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
Moving lower for the 6th day in a row, PRY.AX finished the week -6.29% lower at 3.28 after losing A$0.01 (-0.3%) today. Today's closing price of 3.28 marks the lowest close since October 12, 2017. Trading A$0.02 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 in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Daily Candlestick Chart (PRY.AX as at Aug 10, 2018):
Friday's trading range was A$0.05 (1.52%), that's below last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being above average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.
Prices are trading close to a key support level at 3.26.
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 3.26 where further sell stops might get activated.