STO.AX ends the day indecisive
Santos Ltd (STO.AX) Technical Analysis Report for Sep 14, 2018
Moving higher for the 5th day in a row, STO.AX ended the week 4.81% higher at 6.97 after gaining A$0.03 (0.43%) today. Today's closing price of 6.97 marks the highest close since August 23rd. Trading up to A$0.04 lower after the open, the stock managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Friday's trading range was A$0.12 (1.73%), that's slightly below last trading month's daily average range of A$0.13. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.
Prices are trading close to a key support level at 6.88. Prices are trading close to the key resistance level at 7.03. After having been unable to move lower than 6.89 in the prior session, the share found buyers again around the same price level today at 6.90.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 7.03, upside momentum could speed up should Santos Ltd be able to break out to new highs for the year.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bearish.
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