TLS.AX closes above its opening price after recovering from early selling pressure


Telstra Corp Ltd (TLS.AX) Technical Analysis Report for Apr 17, 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 ends the day on a bullish note closing near the high of the day
TLS.AX pushes through previous session high
TQ Sentiment
Report Sentiment: 50% Bullish
Technical Forecast:
Overview

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.

Daily chart for TLS.AX
Volatility

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.

Trend

The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.

Order Flow

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.

Conclusion

While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.

Market Conditions for Telstra Corp Ltd
ConditionForecastDirectionWinAvgWorstBestEvents
Close to Swing Low TQ Pro Members Only
Bullish Break through SMA 50 TQ Pro Members Only
Closed above last periods high TQ Pro Members Only
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