TLS.AX closes above its opening price after recovering from early selling pressure
Moving higher for the 2nd day in a row, TLS.AX ended Tuesday at 3.12 gaining A$0.02 (0.65%) on low volume. Trading up to A$0.01 lower after the open, Telstra Corp managed to reverse during the session as bulls took control ending the day above its opening price. Closing above Saturday's high at 3.11, the stock confirms its breakout through the previous session's high having traded A$0.01 above it intraday. Ending with a strong close near the high of the day sets a bullish note for the next session.
Tuesday's trading range was A$0.03 (0.97%), that's below last trading month's daily average range of A$0.04. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being slightly below average.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 3.16 where further buy stops could get triggered. Selling might speed up should prices move below the close-by swing low at 3.08 where further sell stops could get activated. As prices are trading close to April's high at 3.17, upside momentum might accelerate should the share mark new highs for the month.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
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|Closed above last periods high||TQ Pro Members Only|
|2 Consecutive Higher Closes||TQ Pro Members Only|
|Bullish Intraday Reversal||TQ Pro Members Only|
|Close to Swing High||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
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