SEK.AX ends the day indecisive
Seek Limited (SEK.AX) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
SEK.AX finished Thursday at 20.75 losing A$0.11 (-0.53%). Today's closing price of 20.75 marks the lowest close since May 10th. Closing below Wednesday's low at 20.85, the share confirms its breakout through the previous session's low having traded A$0.25 below it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (SEK.AX as at May 17, 2018):
Thursday's trading range was A$0.30 (1.44%), that's slightly below last trading month's daily average range of A$0.32. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly above average.
After trading as low as 20.60 during the day, the stock bounced off the key support level at 20.60. The failure to close below the support could increase that levels importance as support going forward.
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 nearby swing high at 20.97 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 20.55 where further sell stops could get triggered. With prices trading close to this year's high at 21.29, upside momentum might speed up should Seek Limited be able to break out to new highs for the year.