SRX.AX closes above its opening price after recovering from early selling pressure
Sirtex Medical (SRX.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
SRX.AX ended Thursday at 29.64 gaining A$0.02 (0.07%). Trading up to A$0.14 lower after the open, Sirtex Medical 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. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (SRX.AX as at Jun 14, 2018):
Thursday's trading range was A$0.27 (0.91%), that's slightly below last trading month's daily average range of A$0.34. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
Despite a weak opening the market managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
After trading as low as 29.40 during the day, the share bounced off the key support level at 29.40. The failure to close below the support might increase that levels importance as support going forward. After having been unable to move above 29.67 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 29.67.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could speed up should prices move above the close-by swing high at 29.76 where further buy stops might get triggered. Selling could accelerate should prices move below the nearby swing low at 29.40 where further sell stops might get activated.
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