TEL closes above its opening price after recovering from early selling pressure
TE Connectivity Ltd. New Switzerland Registered Shares (TEL) Technical Analysis Report for Sep 14, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, TEL ended the week 1.61% higher at 91.77 after edging higher $0.04 (0.04%) today. Today's closing price of 91.77 marks the highest close since August 29th. Trading up to $0.47 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 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 Candlestick Chart (TEL as at Sep 14, 2018):
Friday's trading range was $0.87 (0.95%), that's below last trading month's daily average range of $1.05. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above 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 trading as low as 91.27 during the day, the market bounced off the key support level at 91.44. The failure to close below the support could increase that levels importance as support going forward. After having been unable to move above 92.16 in the previous session, TE Connectivity ran into sellers again around the same price level today, failing to move higher than 92.14. After trading as low as 91.27 during the day, the share found support at the 20-day moving average at 91.62.
While still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying might speed up should prices move above the close-by swing high at 92.16 where further buy stops could get activated.