VCX.AX finds support at 20-day moving average
Vicinity Limited (VCX.AX) Technical Analysis Report for Jul 13, 2018 | by Techniquant Editorial Team
Moving higher for the 2nd day in a row, VCX.AX finished the week 1.52% higher at 2.67 after gaining A$0.01 (0.38%) today on low volume. Today's closing price of 2.67 marks the highest close since June 26th. Trading up to A$0.02 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 prior day's range, prices failed to decisively move beyond the previous 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 (VCX.AX as at Jul 13, 2018):
Friday's trading range was A$0.04 (1.5%), that's slightly below last trading month's daily average range of A$0.04. Things look different on a weekly scale, where volatility is slightly below the markets average with the monthly volatility being slightly below average.
After having been unable to move above 2.68 in the prior session, the share ran into sellers again around the same price level today, failing to move higher than 2.68. After trading as low as 2.64 during the day, the stock found support at the 20-day moving average at 2.65.
The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.
With prices trading close to this year's high at 2.74, upside momentum could speed up should Vicinity Limited be able to break out to new highs for the year.