PRY.AX unable to break through key resistance level

Primary Health Care (PRY.AX) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team


Traders officially love to buy PRY.AX around 2.84 level
PRY.AX closes below its opening price unable to hold early session gains
PRY.AX unable to break through key resistance level
PRY.AX ends the day on a bearish note closing near the low of the day
PRY.AX falls to lowest close since September 7th


PRY.AX finished the week 1.07% higher at 2.84 after losing A$0.06 (-2.07%) today. Today's closing price of 2.84 marks the lowest close since September 7th. Trading A$0.08 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. 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 Sep 14, 2018):

Daily technical analysis candlestick chart for Primary Health Care (PRY.AX) as at Sep 14, 2018

Friday's trading range was A$0.11 (3.83%), that's slightly above last trading month's daily average range of A$0.09. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average.

Unable to break through the key technical resistance level at 2.87, Primary Health closed below it after spiking as high as 2.95 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The stock was bought again around 2.84 after having seen lows at 2.84, 2.83 and 2.84 in the last three trading sessions. Obviously there is something going on at that level.

Although 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.

Selling might accelerate should prices move below the nearby swing low at 2.83 where further sell stops could get activated. As prices are trading close to September's low at 2.76, downside momentum might speed up should PRY.AX mark new lows for the month.

Market Conditions for PRY.AX as at Sep 14, 2018

Loading Market Conditions for PRY.AX (Primary Health Care)...
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