PTM.AX finds buyers around 5.88 for the third day in a row


Platinum Asset (PTM.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
PTM.AX finds buyers around 5.88 for the third day in a row
PTM.AX closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

PTM.AX finished Thursday at 5.93 edging higher A$0.01 (0.17%). Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session.

Daily chart for PTM.AX
Volatility

Thursday's trading range was A$0.08 (1.36%), that's below last trading month's daily average range of A$0.12. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being below average.

Price Action

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. Regardless of a weak opening the share managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Prices are trading close to a key support level at 5.87. The market found buyers again today around 5.88 for the third trading day in a row after having found demand at 5.87 in the prior session and at 5.89 two days ago.

Trend

Platinum Asset shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.

Order Flow

Selling might accelerate should prices move below the close-by swing low at 5.87 where further sell stops could get activated.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.

Market Conditions for Platinum Asset
Condition Forecast Direction Win Avg Worst Best Events
Close to R1 Resistance TQ Pro Members Only
Decisive Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Price broke through Technical Resistance R1 TQ Pro Members Only
More market conditions identified for TQ Pro members...
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