TPM.AX dominated by bears dragging the market lower throughout the day


TPG Telecom Limited (TPM.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team

Highlights

TPM.AX dominated by bears dragging the market lower throughout the day
TPM.AX closes within previous day's range after lackluster session

Overview

TPM.AX ended the week 1.87% higher at 5.46 after losing A$0.06 (-1.09%) today. The bears were in full control today, moving the market lower throughout the whole session. Closing within the prior day's range, prices failed to decisively move beyond the previous day's trading range in a lackluster session.

Daily Candlestick Chart (TPM.AX as at Jul 13, 2018):

Daily technical analysis candlestick chart for TPG Telecom Limited (TPM.AX) as at Jul 13, 2018

Friday's trading range was A$0.07 (1.27%), that's far below 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 slightly above average.

During the whole day, prices traded within the prior day's range, unable to trade above the previous day's high or below the prior day's low forming an Inside Bar. After moving higher in the previous session, TPG Telecom closed lower but above the prior day's open today, forming a bearish Harami Candle.

Prices are trading close to a key support level at 5.39.

Although the share is experiencing a short-term up trend, this could just be a correction, as both the medium and long term trends are still in negative territory.

Buying might speed up should prices move above the nearby swing high at 5.56 where further buy stops could get activated. Selling might accelerate should prices move below the close-by swing low at 5.39 where further sell stops could get triggered. Further buying might move prices higher should the market test June's nearby high at 5.62.


Market Conditions for TPM.AX as at Jul 13, 2018

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