TPM.AX stuck within tight trading range


TPG Telecom Limited (TPM.AX) Technical Analysis Report for Jun 14, 2018 [1 min read]
Highlights
TPM.AX pushes through key resistance level
TPM.AX pushes through 50-day moving average
TPM.AX stuck within tight trading range
TPM.AX finds buyers again around 5.37
TPM.AX pushes through previous session high
TQ Sentiment
Report Sentiment: 62% Bullish
Technical Forecast:
Overview

TPM.AX ended Thursday at 5.47 gaining A$0.07 (1.3%). Closing above Wednesday's high at 5.44, the market confirms its breakout through the prior session's high having traded A$0.08 above it intraday.

Daily chart for TPM.AX
Volatility

Thursday's trading range was A$0.15 (2.79%), that's above last trading month's daily average range of A$0.12. Things look different on a weekly scale, where volatility is below the markets average with the monthly volatility being below average. Prices continued to consolidate within a tight trading range between 5.37 and 5.52 which it has been in now for the last three days.

Price Action

Regardless of a weak opening TPG Telecom managed to close above the previous day's open and close, forming a bullish Engulfing Candle.

Support/Resistance

Breaking through the key resistance level at 5.44 today, it is now likely to act as support going forward. Prices are trading close to the key resistance level at 5.55. After having been unable to move lower than 5.37 in the prior session, the share found buyers again around the same price level today at 5.37.

Trend

Though the stock is experiencing a short-term up trend, this might just be a correction, as both the medium and long term trends are still in negative territory. TPM.AX managed to break above the 50-day moving average at 5.46 today for the first time since June 7th.

Order Flow

Buying could accelerate should prices move above the nearby swing high at 5.60 where further buy stops might get triggered.

Conclusion

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

Market Conditions for TPG Telecom Limited
Condition Forecast Direction Win Avg Worst Best Events
Low close to previous three Lows TQ Pro Members Only
Close to S1 Support TQ Pro Members Only
Low close to previous two Lows TQ Pro Members Only
Low close to previous low TQ Pro Members Only
Close to Swing High TQ Pro Members Only
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