RHC.AX pushes through key resistance level
Ramsay Health Care Ltd (RHC.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (RHC.AX as at Jul 13, 2018):
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.
Breaking through the key resistance level at 54.35 today, it is now likely to act as support going forward.
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.