REA.AX closes higher for the 3rd day in a row
REA Group (REA.AX) Technical Analysis Report for Aug 10, 2018
Moving higher for the 3rd day in a row, REA.AX ended the week 2.05% higher at 85.30 after surging A$2.99 (3.63%) today on high volume. This is the biggest single day gain in over three months. Today's closing price of 85.30 marks the highest close since August 1st. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 82.65, REA Group confirms its breakout through the prior session's high having traded A$2.83 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (REA.AX as at Aug 10, 2018):
Friday's trading range was A$4.61 (5.63%), that's far above last trading month's daily average range of A$1.69. Weekly volatility is also higher, being above the markets average with the monthly volatility being way above average.
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 85.97. After having been unable to move lower than 81.07 in the previous session, the market found buyers again around the same price level today at 80.87. After trading as low as 80.87 during the day, the stock found support at the 200-day moving average at 80.88.
While still in a long-term uptrend, the short and medium-term trends both turned bearish already.
Buying might accelerate should prices move above the nearby swing high at 85.97 where further buy stops could get activated.