SOL.AX breaks below prior session low
Soul Pattinson (W.H) (SOL.AX) Technical Analysis Report for Jul 13, 2018
SOL.AX finished the week -1.55% lower at 20.99 after tanking A$0.37 (-1.73%) today. This is the biggest single day loss in over three weeks. Today's closing price of 20.99 marks the lowest close since July 4th. The bears were in full control today, moving the market lower throughout the whole session. Closing below Thursday's low at 21.23, Soul Pattinson confirms its breakout through the prior session's low having traded A$0.28 below it intraday. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.42 (1.97%), that's above last trading month's daily average range of A$0.37. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average.
Prices are trading close to a key support level at 20.91.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
As prices are trading close to July's low at 20.52, downside momentum might accelerate should the share mark new lows for the month.
While classical technical analysis indicates a bearish sentiment for the next trading day, our quantitative statistics show a different picture being bullish.