SPK.AX breaks below 20-day moving average
Spark New Zealand Foreign Exempt NZX (SPK.AX) Technical Analysis Report for Jul 13, 2018
SPK.AX finished the week -1.14% lower at 3.48 after losing A$0.02 (-0.57%) today. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.
Friday's trading range was A$0.05 (1.43%), that's below last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
Regardless of a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.
Prices are trading close to a key support level at 3.45. The market found buyers again today around 3.46 for the third trading day in a row after having found demand at 3.46 in the previous session and at 3.45 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The share broke below the 20-day moving average at 3.49 today for the first time since July 11th.
Selling might speed up should prices move below the nearby swing low at 3.45 where further sell stops could get activated. As prices are trading close to July's low at 3.40, downside momentum might accelerate should Spark New mark new lows for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
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