RMD closes below its opening price unable to hold early session gains


ResMed (RMD) Technical Analysis Report for Jun 14, 2018

Highlights

RMD finds buyers around 106.45 for the third day in a row
RMD closes below its opening price unable to hold early session gains
RMD unable to break through key resistance level
RMD closes lower for the 2nd day in a row
RMD stuck within tight trading range

Overview

Moving lower for the 2nd day in a row, RMD finished Thursday at 106.76 edging lower $0.04 (-0.04%). Trading $0.84 higher after the open, ResMed was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (RMD as at Jun 14, 2018):

Daily technical analysis candlestick chart for ResMed (RMD) as at Jun 14, 2018

Thursday's trading range was $1.18 (1.1%), that's slightly below last trading month's daily average range of $1.32. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average. Prices continued to consolidate within a tight trading range between 106.34 and 107.67 which it has been in now for the last three days.

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar.

Unable to break through the key technical resistance level at 106.97, the stock closed below it after spiking as high as 107.63 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. The market found buyers again today around 106.45 for the third trading day in a row after having found demand at 106.43 in the previous session and at 106.34 two days ago.

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Buying could accelerate should prices move above the close-by swing high at 107.67 where further buy stops might get activated. Selling could speed up should prices move below the nearby swing low at 105.21 where further sell stops might get triggered.


Market Conditions for RMD as at Jun 14, 2018

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