TLS.AX ends the day on a bullish note closing near the high of the day
Telstra Corp Ltd (TLS.AX) Technical Analysis Report for May 17, 2018 | by Techniquant Editorial Team
TLS.AX ended Thursday at 2.87 gaining A$0.01 (0.35%). 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 within the previous day's range, prices failed to decisively move beyond the prior day's trading range in a lackluster session. 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 May 17, 2018):
Thursday's trading range was A$0.03 (1.05%), that's below last trading month's daily average range of A$0.06. Things look different on a weekly scale, where volatility is way above the markets average with the monthly volatility being way above average.
During the whole day, prices traded within the previous day's range, unable to trade above the prior day's high or below the previous day's low forming an Inside Bar.
After having been unable to move above 2.88 in the prior session, the stock ran into sellers again around the same price level today, failing to move higher than 2.87.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.