TLS.AX dominated by bulls lifting the market higher throughout the day
Telstra Corp Ltd (TLS.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
TLS.AX finished Thursday at 2.90 surging A$0.14 (5.07%) on high volume. This is the biggest single day gain in over a year. Today's closing price of 2.90 marks the highest close since May 14th. The bulls were in full control today, moving the market higher throughout the whole session. Closing above Wednesday's high at 2.77, the stock confirms its breakout through the previous session's high having traded A$0.13 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (TLS.AX as at Jun 14, 2018):
Thursday's trading range was A$0.12 (4.32%), that's far above last trading month's daily average range of A$0.05. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being way below average.
Breaking through the key resistance level at 2.83 today, it is now likely to act as support going forward.
Although the market is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. The share managed to break above the 20-day moving average at 2.80 today for the first time since April 27th.