TPM.AX closes within prior day's range


TPG Telecom Limited (TPM.AX) Technical Analysis Report for Aug 10, 2018 | by Techniquant Editorial Team

Highlights

TPM.AX closes above its opening price after recovering from early selling pressure
TPM.AX pushes through 20-day moving average
TPM.AX unable to break through key resistance level
TPM.AX finds support at 20-day moving average
TPM.AX closes within previous day's range

Overview

TPM.AX finished the week -1.39% lower at 5.69 after gaining A$0.05 (0.89%) today. Trading up to A$0.04 lower after the open, the market managed to reverse during the session as bulls took control ending the day above its opening price. Closing within the previous day's range, prices failed to decisively move past the prior day's trading range. Ending the day with an indecisive close, neither buyers nor sellers were able to gain control during the session.

Daily Candlestick Chart (TPM.AX as at Aug 10, 2018):

Daily technical analysis candlestick chart for TPG Telecom Limited (TPM.AX) as at Aug 10, 2018

Friday's trading range was A$0.11 (1.94%), that's slightly below last trading month's daily average range of A$0.11. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being below average.

After moving lower in the previous session, the stock managed to close higher but below the prior day's open, forming a bullish Harami Candle.

Unable to break through the key technical resistance level at 5.73, the share closed below it after spiking as high as 5.75 during the day. The failure to close above the resistance might increase that levels importance as resistance going forward. After trading as low as 5.64 during the day, TPG Telecom found support at the 20-day moving average at 5.67.

While still in a long-term downtrend, the short and medium-term trends both turned bullish already. TPM.AX managed to break above the 20-day moving average at 5.67 today for the first time since July 6th.

Selling could accelerate should prices move below the close-by swing low at 5.62 where further sell stops might get activated.


Market Conditions for TPM.AX as at Aug 10, 2018

Loading Market Conditions for TPM.AX (TPG Telecom Limited)...
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