PSA closes within previous day's range after lackluster session
PSA finished Monday at 197.09 edging lower $0.19 (-0.1%). Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session.
Monday's trading range was $2.45 (1.24%), that's far below last trading month's daily average range of $3.67. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 195.76. Prices are trading close to the key resistance level at 199.00. After spiking up to 198.80 during the day, the stock found resistance at the 20-day moving average at 198.68.
The market shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Further selling could move prices lower should the market test March's nearby low at 190.90.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bullish.
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