RRL.AX closes below its opening price unable to hold early session gains
Regis Resources (RRL.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
RRL.AX finished the week -0.19% lower at 5.15 after flat today. Trading A$0.11 higher after the open, the market 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 (RRL.AX as at Jul 13, 2018):
Friday's trading range was A$0.16 (3.08%), that's far above last trading month's daily average range of A$0.11. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
After spiking up to 5.30 during the day, the share has been sold off at those price levels and formed a bearish Pin Bar closing A$0.15 below today's high.
Unable to break through the key technical resistance level at 5.21, the stock closed below it after spiking as high as 5.30 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.