TLS.AX ends the day indecisive


Telstra Corp Ltd (TLS.AX) Technical Analysis Report for Aug 10, 2018 [1 min read]
Highlights
TLS.AX closes above its opening price after recovering from early selling pressure
TLS.AX closes higher for the 2nd day in a row
TLS.AX pushes through previous session high
TLS.AX still stuck within tight trading range
TLS.AX ends the day indecisive
TQ Sentiment
Report Sentiment: 28% Bullish
Technical Forecast:
Overview

Moving higher for the 2nd day in a row, TLS.AX ended the week 0.71% higher at 2.84 after gaining A$0.02 (0.71%) today on low volume. Trading up to A$0.02 lower after the open, the share managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Thursday's high at 2.83, the stock confirms its breakout through the prior session's high having traded A$0.02 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily chart for TLS.AX
Volatility

Friday's trading range was A$0.04 (1.41%), that's slightly below 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 slightly below average. Prices continued to consolidate within a tight trading range between 2.80 and 2.86 which it has been in now for the last trading week.

Support/Resistance

Prices are trading close to the key resistance level at 2.86.

Trend

Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 2.86 where further buy stops might get activated.

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 Telstra Corp Ltd
Condition Forecast Direction Win Avg Worst Best Events
Close to S1 Support TQ Pro Members Only
Long-Legged Doji TQ Pro Members Only
Doji TQ Pro Members Only
Bearish Bounce off SMA 100 TQ Pro Members Only
Gravestone Doji TQ Pro Members Only
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