SOL.AX slides to lowest close since June 5th
Soul Pattinson (W.H) (SOL.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, SOL.AX ended Thursday at 19.65 edging lower A$0.02 (-0.1%) on low volume. Today's closing price of 19.65 marks the lowest close since June 5th. Closing within the prior day's range, prices failed to decisively move past the previous 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 (SOL.AX as at Jun 14, 2018):
Thursday's trading range was A$0.23 (1.17%), that's far below last trading month's daily average range of A$0.41. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly below average.
Prices are trading close to a key support level at 19.61. After having been unable to move lower than 19.58 in the prior session, the stock found buyers again around the same price level today at 19.57. After spiking up to 19.80 during the day, the share found resistance at the 20-day moving average at 19.77.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling might speed up should prices move below the nearby swing low at 19.35 where further sell stops could get activated. Further selling might move prices lower should the market test May's close-by low at 19.02.