RMD.AX ends the day on a bearish note closing near the low of the day


Resmed Inc Cdi 10:1 Foreign Exempt NYSE (RMD.AX) Technical Analysis Report for Jun 14, 2018 [< 1 min read]
Highlights
RMD.AX dominated by bears dragging the market lower throughout the day
RMD.AX ends the day on a bearish note closing near the low of the day
RMD.AX runs into sellers again around 14.15
RMD.AX breaks below previous session low
TQ Sentiment
Technical Forecast:
Overview

RMD.AX ended Thursday at 14.06 losing A$0.05 (-0.35%). The bears were in full control today, moving the market lower throughout the whole session. Closing below Wednesday's low at 14.07, the stock confirms its breakout through the previous session's low having traded A$0.02 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.

Daily chart for RMD.AX
Volatility

Thursday's trading range was A$0.10 (0.71%), that's slightly below last trading month's daily average range of A$0.11. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly below average.

Price Action

In a volatile session, prices traded above the prior day's high as well as below the previous day's low, forming a bearish Outside Bar. Despite a strong opening the share closed below the prior day's open and close, forming a bearish Engulfing Candle.

Support/Resistance

After having been unable to move above 14.14 in the previous session, Resmed Inc ran into sellers again around the same price level today, failing to move higher than 14.15.

Trend

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

Conclusion

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

Market Conditions for Resmed Inc Cdi 10:1 Foreign Exempt NYSE
ConditionForecastDirectionWinAvgWorstBest
Down Close Near Low of Period TQ Pro Members Only
Bearish Belt-hold TQ Pro Members Only
Closed below last periods low TQ Pro Members Only
Black Candle TQ Pro Members Only
Close near low of period TQ Pro Members Only
More market conditions identified for TQ Pro members...
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