TLS.AX closes below its opening price unable to hold early session gains
TLS.AX finished the week -10.94% lower at 2.85 after losing A$0.02 (-0.7%) today. Today's closing price of 2.85 marks the lowest close since August 10, 2011. Trading A$0.02 higher after the open, the share was unable to hold its gains as the bears took control ending the day below its opening price. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session. Ending with a weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.04 (1.39%), 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. Prices continued to consolidate within a tight trading range between 2.80 and 2.89 which it has been in now for the last three days.
Even with a strong opening the stock closed below the prior day's open and close, forming a bearish Engulfing Candle.
After having been unable to move lower than 2.84 in the previous session, Telstra Corp found buyers again around the same price level today at 2.85.
The trend is clearly bearish, showing an intact downtrend in the short, medium and long-term.
Selling could speed up should prices move below the nearby swing low at 2.80 where further sell stops might get triggered.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being bearish.
Report Market Conditions
|Low close to previous low||TQ Pro Members Only|
|Bearish Engulfing Candle||TQ Pro Members Only|
|Bearish Intraday Reversal||TQ Pro Members Only|
|Close to Swing Low||TQ Pro Members Only|
|Down Close Near Low of Period||TQ Pro Members Only|
More market conditions identified for TQ Pro members...
Learn more about TQ Pro
Stocks Top Movers