SEK.AX pushes through key resistance level
Seek Limited (SEK.AX) Technical Analysis Report for Jul 13, 2018
Moving higher for the 4th day in a row, SEK.AX finished the week 2.25% higher at 21.78 after surging A$0.34 (1.59%) today on low volume. This is the biggest single day gain in over three weeks. Today's closing price of 21.78 marks the highest close since June 29th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Thursday's high at 21.65, the market confirms its breakout through the prior session's high having traded A$0.20 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Friday's trading range was A$0.45 (2.1%), that's slightly above last trading month's daily average range of A$0.39. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
Breaking through the key resistance level at 21.53 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 22.02.
Though Seek Limited is currently in a short-term down trend, this could just be a correction, as the medium and long term trends are both positive. The stock managed to break above the 20-day moving average at 21.75 today for the first time since June 6th.
As prices are trading close to July's high at 22.00, upside momentum might accelerate should the share mark new highs for the month.
Even though both sentiments are bullish for the next trading day, our quantitative statistics are only slightly bullish while the classical technical analysis metrics show a bullish sentiment.