TME.AX unable to break through key resistance level
Trade Me Group Foreign Exempt NZX (TME.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
Moving higher for the 4th day in a row, TME.AX ended Thursday at 4.50 gaining A$0.01 (0.22%). Today's closing price of 4.50 marks the highest close since June 4th. Closing above Wednesday's high at 4.49, the stock confirms its breakout through the prior session's high having traded A$0.05 above it intraday. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.
Daily Candlestick Chart (TME.AX as at Jun 14, 2018):
Thursday's trading range was A$0.06 (1.34%), that's slightly below last trading month's daily average range of A$0.07. Things look different on a weekly scale, where volatility is above the markets average with the monthly volatility being slightly below average.
After trading as low as 4.48 during the day, the market bounced off the key support level at 4.48. The failure to close below the support might increase that levels importance as support going forward. Unable to break through the key technical resistance level at 4.54, the share closed below it after spiking as high as 4.54 during the day. The failure to close above the resistance could increase that levels importance as resistance going forward.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying might accelerate should prices move above the nearby swing high at 4.54 where further buy stops could get activated.