VCX.AX ends the day on a bullish note closing near the high of the day
Vicinity Limited (VCX.AX) Technical Analysis Report for Jun 14, 2018 | by Techniquant Editorial Team
VCX.AX finished Thursday at 2.64 gaining A$0.01 (0.38%). The bulls were in full control today, moving the market higher throughout the whole session. Closing within the prior day's range, prices failed to decisively move past the previous day's trading range in a lackluster session. Ending with a strong close near the high of the day sets a bullish note for the next session.
Daily Candlestick Chart (VCX.AX as at Jun 14, 2018):
Thursday's trading range was A$0.03 (1.15%), that's far below last trading month's daily average range of A$0.05. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly above average. Prices continued to consolidate within a tight trading range between 2.60 and 2.66 which it has been in now for the last three days.
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. Even with a weak opening the stock managed to close above the previous day's open and close, forming a bullish Engulfing Candle.
Prices are trading close to the key resistance level at 2.65.
Vicinity Limited shows weakness in the short-term (in accordance with its long-term downtrend) with only the medium-term trend being bullish.