S32.AX dominated by bulls lifting the market higher throughout the day
South32 Ltd (S32.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
S32.AX ended Thursday at 3.81 gaining A$0.05 (1.33%) on low volume. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 3.80, the stock confirms its breakout through the prior session's high having traded A$0.02 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (S32.AX as at Jun 14, 2018):
Thursday's trading range was A$0.07 (1.86%), that's slightly below last trading month's daily average range of A$0.08. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Regardless of a weak opening South32 Ltd managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
The share found buyers again today around 3.75 for the third trading day in a row after having found demand at 3.74 in the prior session and at 3.74 two days ago. After spiking up to 3.82 during the day, the market found resistance at the 20-day moving average at 3.81.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
As prices are trading close to June's low at 3.72, downside momentum could speed up should S32.AX mark new lows for the month.