QAN.AX closes within prior day's range after lackluster session
Qantas Airways Ltd (QAN.AX) Technical Analysis Report for May 18, 2018 | by Techniquant Editorial Team
QAN.AX finished the week 3.6% higher at 6.33 after losing A$0.01 (-0.16%) today. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (QAN.AX as at May 18, 2018):
Friday's trading range was A$0.07 (1.1%), that's far below last trading month's daily average range of A$0.14. 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 6.29 and 6.42 which it has been in now for the last three days.
Qantas Airways found buyers again today around 6.30 for the third trading day in a row after having found demand at 6.31 in the prior session and at 6.29 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the nearby swing high at 6.42 where further buy stops could get activated. With prices trading close to this year's high at 6.45, upside momentum might accelerate should the market be able to break out to new highs for the year.