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 | by Techniquant Editorial Team
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 Candlestick Chart (TME.AX as at Jul 13, 2018):
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.
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.
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.