TLS.AX closes within previous day's range after lackluster session

Telstra Corp Ltd (TLS.AX) Technical Analysis Report for Sep 14, 2018

Highlights

TLS.AX runs into sellers around 3.20 for the third day in a row
TLS.AX pushes through 200-day moving average
TLS.AX finds support at 200-day moving average
TLS.AX stuck within tight trading range
TLS.AX closes within previous day's range after lackluster session

TQ Sentiment

Report Sentiment: 0% Neutral
Technical Forecast:

Overview

TLS.AX ended the week 1.92% higher at 3.19 after gaining A$0.02 (0.63%) today on low volume. Closing within the previous day's range, prices failed to decisively move beyond the prior 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 chart for TLS.AX

Volatility

Friday's trading range was A$0.04 (1.25%), that's far below last trading month's daily average range of A$0.09. Things look different on a weekly scale, where volatility is way below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 3.14 and 3.20 which it has been in now for the last three days.

Support/Resistance

Prices are trading close to the key resistance level at 3.22. The share ran into sellers again today around 3.20 for the third trading day in a row after having found sellers at 3.20 in the previous session and at 3.20 two days ago. After trading as low as 3.16 during the day, the market found support at the 200-day moving average at 3.18.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The stock managed to break above the 200-day moving average at 3.18 today for the first time since September 11th.

Order Flow

Buying might speed up should prices move above the nearby swing high at 3.22 where further buy stops could 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 bearish.

Market Conditions for Telstra Corp Ltd

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