SEK.AX closes above its opening price after recovering from early selling pressure
Seek Limited (SEK.AX) Technical Analysis Report for May 18, 2018 | by Techniquant Editorial Team
SEK.AX finished the week -0.05% lower at 20.75 after flat today. Trading up to A$0.07 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range in a lackluster session. 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 18, 2018):
Friday's trading range was A$0.14 (0.68%), that's far 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.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
Prices are trading close to a key support level at 20.60.
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 triggered. Selling might accelerate should prices move below the close-by swing low at 20.60 where further sell stops could get activated. With prices trading close to this year's high at 21.29, upside momentum might speed up should the share be able to break out to new highs for the year.