TAH.AX closes within previous day's range after lackluster session

Tabcorp Holdings Limited (TAH.AX) Technical Analysis Report for Jul 13, 2018

Highlights

TAH.AX closes within previous day's range after lackluster session
TAH.AX ends the day indecisive

TQ Sentiment

Report Sentiment: 20% Bearish
Technical Forecast:

Overview

TAH.AX ended the week 2.59% higher at 4.76 after flat today on low volume. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for TAH.AX

Volatility

Friday's trading range was A$0.04 (0.84%), that's far below last trading month's daily average range of A$0.08. Things look different on a weekly scale, where volatility is slightly above the markets average with the monthly volatility being slightly above average.

Price Action

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.

Support/Resistance

Prices are trading close to the key resistance level at 4.80.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 4.80 where further buy stops might get triggered.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.

Market Conditions for Tabcorp Holdings Limited

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