TME.AX closes higher for the 3rd day in a row

Trade Me Group Foreign Exempt NZX (TME.AX) Technical Analysis Report for Jul 13, 2018

Highlights

TME.AX finds buyers at key support level
TME.AX pushes through 20-day moving average
TME.AX fails to close above 50-day moving average
TME.AX closes higher for the 3rd day in a row
TME.AX ends the day on a bullish note closing near the high of the day

TQ Sentiment

Report Sentiment:
50% Bullish
Technical Forecast:

Overview

Moving higher for the 3rd day in a row, TME.AX ended the week 2.56% higher at 4.41 after gaining A$0.08 (1.85%) today. Today's closing price of 4.41 marks the highest close since June 27th. Closing above Thursday's high at 4.36, the stock confirms its breakout through the previous session's high having traded A$0.07 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 TME.AX

Volatility

Friday's trading range was A$0.11 (2.53%), that's slightly above last trading month's daily average range of A$0.09. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being above average.

Support/Resistance

After trading as low as 4.32 during the day, the share bounced off the key support level at 4.33. The failure to close below the support could increase that levels importance as support going forward. Prices are trading close to the key resistance level at 4.44. After spiking up to 4.43 during the day, Trade Me found resistance at the 50-day moving average at 4.42.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term. The market managed to break above the 20-day moving average at 4.38 today for the first time since June 12th.

Conclusion

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

Market Conditions for Trade Me Group Foreign Exempt NZX

Loading Market Conditions for $TME.AX (Trade Me Group Foreign Exempt NZX)...
Latest Report:

TME.AX finds buyers at key support level

Sep 24, 2018
Trending Assets

Upgrade your trading!

Get the stats behind the charts

Find out what happened when Trade Me Group Foreign Exempt NZX traded like this in the past. See the odds for each technical pattern with expected gain and loss.

Find out more
Top Market Movers
You have free reports remaining. Subscribe for unlimited access...SUBSCRIBELOGINGO!