RHC.AX pushes through key resistance level


Ramsay Health Care Ltd (RHC.AX) Technical Analysis Report for Jul 13, 2018 [< 1 min read]
Highlights
RHC.AX pushes through key resistance level
RHC.AX closes higher for the 3rd day in a row
RHC.AX rises to highest close since June 22nd
RHC.AX still stuck within tight trading range
RHC.AX closes within previous day's range after lackluster session
TQ Sentiment
Report Sentiment: 20% Bullish
Technical Forecast:
Overview

Moving higher for the 3rd day in a row, RHC.AX finished the week 0.28% higher at 54.62 after gaining A$0.52 (0.96%) today. Today's closing price of 54.62 marks the highest close since June 22nd. 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 RHC.AX
Volatility

Friday's trading range was A$0.72 (1.33%), that's below last trading month's daily average range of A$1.10. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 53.70 and 54.90 which it has been in now for the last trading week.

Support/Resistance

Breaking through the key resistance level at 54.35 today, it is now likely to act as support going forward.

Trend

Though the stock is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Conclusion

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

Market Conditions for Ramsay Health Care Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Close near high of period TQ Pro Members Only
Very Strong Up Move TQ Pro Members Only
White Candle TQ Pro Members Only
RSI(2) above 80 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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