TLS.AX ends the day indecisive
Telstra Corp Ltd (TLS.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team
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 Candlestick Chart (TLS.AX as at Aug 10, 2018):
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.
Prices are trading close to the key resistance level at 2.86.
Though still in a long-term downtrend, the short and medium-term trends both turned bullish already.
Buying could accelerate should prices move above the nearby swing high at 2.86 where further buy stops might get activated.