PTM.AX finds buyers around 5.88 for the third day in a row
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.
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.
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.
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.
Platinum Asset shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.
Selling might accelerate should prices move below the close-by swing low at 5.87 where further sell stops could get activated.
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
|Bearish Belt-hold||TQ Pro Members Only|
|Close to R1 Resistance||TQ Pro Members Only|
|Close to S1 Support||TQ Pro Members Only|
|Low close to previous low||TQ Pro Members Only|
|Black Candle||TQ Pro Members Only|
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