TCL.AX closes above its opening price after recovering from early selling pressure
Transurban Group NPV (TCL.AX) Technical Analysis Report for Apr 17, 2018 | by Techniquant Editorial Team
TCL.AX ended Tuesday at 11.25 gaining A$0.07 (0.63%) on low volume. Trading up to A$0.05 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Saturday's high at 11.24, Transurban Group confirms its breakout through the previous session's high having traded A$0.04 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (TCL.AX as at Apr 17, 2018):
Tuesday's trading range was A$0.12 (1.07%), that's below last trading month's daily average range of A$0.17. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 11.16 and 11.30 which it has been in now for the last three days.
Prices are trading close to the key resistance level at 11.32. The share found buyers again today around 11.16 for the third trading day in a row after having found demand at 11.16 in the prior session and at 11.16 two days ago.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 11.40 where further buy stops might get activated. With prices trading close to this year's low at 10.97, downside momentum could speed up should the stock break out to new lows for the year. As prices are trading close to April's high at 11.42, upside momentum might accelerate should TCL.AX mark new highs for the month. As prices are trading close to April's low at 11.06, downside momentum could speed up should the market mark new lows for the month.