STO.AX closes within previous day's range
Santos Ltd (STO.AX) Technical Analysis Report for May 18, 2018 | by Techniquant Editorial Team
STO.AX finished the week 0.81% higher at 6.25 after gaining A$0.05 (0.81%) today. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range.
Daily Candlestick Chart (STO.AX as at May 18, 2018):
Friday's trading range was A$0.10 (1.61%), that's slightly below last trading month's daily average range of A$0.11. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.
During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving lower in the previous session, the share managed to close higher but below the prior day's open, forming a bullish Harami Candle.
Prices are trading close to a key support level at 6.18.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 6.16 where further sell stops might get triggered.