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 | by Techniquant Editorial Team

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

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 Candlestick Chart (TLS.AX as at Apr 17, 2018):

Daily technical analysis candlestick chart for Telstra Corp Ltd (TLS.AX) as at Apr 17, 2018

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.


Market Conditions for TLS.AX as at Apr 17, 2018

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