PTM.AX closes above its opening price after recovering from early selling pressure
Platinum Asset (PTM.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
PTM.AX finished the week 1.48% higher at 5.50 after gaining A$0.07 (1.29%) today. Trading up to A$0.04 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (PTM.AX as at Jul 13, 2018):
Friday's trading range was A$0.10 (1.83%), that's below last trading month's daily average range of A$0.13. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average. Prices continued to consolidate within a tight trading range between 5.42 and 5.60 which it has been in now for the last trading week.
In a volatile session, prices traded above the previous day's high as well as below the prior day's low, forming a bullish Outside Bar.
Prices are trading close to the key resistance level at 5.55. Platinum Asset was bought again around 5.42 after having seen lows at 5.43, 5.43 and 5.44 in the last three trading sessions. Obviously there is something going on at that level.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 5.60 where further buy stops might get triggered.