TNE.AX stuck within tight trading range
Technology One (TNE.AX) Technical Analysis Report for Sep 14, 2018
Moving lower for the 2nd day in a row, TNE.AX ended the week 1.08% higher at 5.59 after losing A$0.01 (-0.18%) today on low volume. 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 weak close near the low of the day sets a bearish note for the next session.
Friday's trading range was A$0.06 (1.08%), that's below last trading month's daily average range of A$0.14. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being way below average. Prices continued to consolidate within a tight trading range between 5.58 and 5.68 which it has been in now for the last three days.
The market found buyers again today around 5.58 for the third trading day in a row after having found demand at 5.58 in the previous session and at 5.58 two days ago.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
Buying could accelerate should prices move above the close-by swing high at 5.68 where further buy stops might get triggered. Selling could speed up should prices move below the nearby swing low at 5.46 where further sell stops might get activated.
While classical technical analysis indicates a neutral sentiment for the next trading day, our quantitative statistics show a different picture being slightly bullish.
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