VCX.AX finds support at 20-day moving average

Vicinity Limited (VCX.AX) Technical Analysis Report for Jul 13, 2018

Highlights

VCX.AX closes above its opening price after recovering from early selling pressure
VCX.AX finds support at 20-day moving average
VCX.AX closes higher for the 2nd day in a row
VCX.AX runs into sellers again around 2.68
VCX.AX rises to highest close since June 26th

TQ Sentiment

Report Sentiment: 28% Bullish
Technical Forecast:

Overview

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 chart for VCX.AX

Volatility

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.

Support/Resistance

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.

Trend

The trend is clearly bullish, showing an intact uptrend in the short, medium and long-term.

Order Flow

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.

Conclusion

Both sentiments, the classical technical analysis and our quantitative statistics are in perfect alignment today showing a neutral sentiment for the next trading day.

Market Conditions for Vicinity Limited

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Latest Report:

VCX.AX soars 1.5% on low volume

Sep 24, 2018
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