STO.AX closes above its opening price after recovering from early selling pressure
Santos Ltd (STO.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving lower for the 2nd day in a row, STO.AX finished Thursday at 5.82 losing A$0.04 (-0.68%). Today's closing price of 5.82 marks the lowest close since June 6th. Trading up to A$0.07 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (STO.AX as at Jun 14, 2018):
Thursday's trading range was A$0.12 (2.07%), that's slightly below last trading month's daily average range of A$0.14. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.
Santos Ltd shows strength in the short-term supported by its long-term uptrend with only the medium-term trend being bearish.
Further selling could move prices lower should the market test May's nearby low at 5.55.