RSG.AX finds support at 20-day moving average
Resolute Mining (RSG.AX) Technical Analysis Report for Jul 13, 2018
RSG.AX ended the week -7.04% lower at 1.32 after losing A$0.02 (-1.49%) today. Today's closing price of 1.32 marks the lowest close since July 3rd.
Friday's trading range was A$0.03 (2.24%), that's far below last trading month's daily average range of A$0.04. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly above average.
Prices are trading close to the key resistance level at 1.35. After trading as low as 1.31 during the day, Resolute Mining found support at the 20-day moving average at 1.31.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might speed up should prices move above the close-by swing high at 1.35 where further buy stops could get activated. As prices are trading close to July's low at 1.26, downside momentum might accelerate should the market mark new lows for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.