SXL.AX dominated by bulls lifting the market higher throughout the day
STHN Cross Media (SXL.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
SXL.AX ended Thursday at 1.25 gaining A$0.03 (2.46%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the previous day's range, prices failed to decisively move beyond the prior day's trading range.
Daily Candlestick Chart (SXL.AX as at Jun 14, 2018):
Thursday's trading range was A$0.05 (4.13%), that's above last trading month's daily average range of A$0.04. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being above average.
In spite of a weak opening the share managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
After having been unable to move lower than 1.21 in the prior session, the stock found buyers again around the same price level today at 1.21.
While the market is currently in a short-term down trend, this might just be a correction, as the medium and long term trends are both positive.
With prices trading close to this year's high at 1.31, upside momentum could speed up should STHN Cross be able to break out to new highs for the year. As prices are trading close to June's high at 1.30, upside momentum might accelerate should SXL.AX mark new highs for the month.